The Reno also I'm covering every area to ensure all that I see as expense in future is in age of 2010 as to A/C, HWT and all other will be new.

Now I do have money saved up to put towards a down payment, so that part is covered and my current job is steady right now.

Or better, go with their $165K but ask for a $2500 credit to cover closing costs (and help you with your rehab project), In my area, this would have been gone a long time ago, so maybe you have more negotiating power there..

Why should someone with a maintenance free property pay higher management fees to cover the guy requiring three or four maintenance calls a month.Now clearly there are PMs out there screwing people everyday, just like in every other business and profession on the planet.

I've found that so many people are on vacation now that a company often looks for Temporary work to cover the load and it can lead to full time.As far as Real Estate Investing, jump in the water's fine!

The down payment on 400-500K will eat up all savings and leave nothing for reserves to cover the unknown once we get in.

It will cover most the listings you're looking for in Essex and Union counties.

They don't want to cover the flat roof on the 51x51 garage.

I would ask for a cash concession from the seller to cover at least 6 months of the rent she is supposed to be paying and I would have the notice to pay or quit ready to go the instant the closing happens.

Purchase plus rehab would need to be more like 55-60% of ARV in order for the loan to cover purchase, rehab, points, and interest payments.OTOH, if the purchase plus rehab cost is right at 70%, then you will have to pay the points out of pocket and the interest payments out of pocket.