@Yia Her what is your question exactly?

@Jason DiClemente I can't remember exactly  because it was originally posted a while ago, but I want to say it was originally listed for $224K and eventually sold for $214K?

It's not uncommon to spend far more in rehab costs than acquisition of the property itself and without knowing exactly what you're getting into there's a lot of risk, especially for an out of town investor.

I know exactly where not to get a house, but I'm not sure I'm in the market at a good time right now.

How much is the money guy putting up, and what exactly are you going to do?

If not, for tax purposes, how do we keep track of all this for our tax prep? 

@Todd Dexheimer thanks for sharing the two great articles, exactly what I was looking for. 

Here's a suggested system:123 Sample Street     - Property          - Receipts          - Invoices          - Photos and Video          - Other documents     - Tenants          - 2015-01-15 Move in - John and Jane Smith          - 2016-01-15 Move out - John and Jane Smith          - 2016-02-01 Move in - Jack Squat     Every file should be named with "DATE - PURPOSE - LOCATION - NAME" which will enable you to find things using the search feature.

It's great that you began this at a mindset of doing it for a purpose and not just for the money.Fortune finds the prepared.

We realize that this first one will not be a huge cash flow, but our primary purpose from our first purchase is to learn as much as we can before going bigger.