Secondly we are about to move, and I'm considering a house that would need a more major rehab than we have ever undertaken in the normal course of life.

The house needs some major cosmetic rehabbing--and seemingly more than most of the surrounding neighbors, so who knows about the unseen. 

I'm looking into the Columbia, SC market where there are a number of rehab properties that have the potential of being restored and rented out.

JeffListing Price:$159,000 INCOMERental Income$1,748 $.85/sqft.Garage$0 Laundry$0 Storage$0 Misc$0 Total Monthly Income$1,748 EXPENSESTaxes, Property$350 Insurance$100 UtilitiesElectric$0 Water$100 Sewer$50 Gas$0 Garbage$0 HOA$0 Lawn/Snow$0 Vacancy$100 Repairs$100 "Capital Expenditures (i.e. new roof)"$150 Property Mgr $0 Mortgage $705 Total Monthly Expenses $1,655 CASH FLOWIncome $1,748 Expenses ($1,655)Total Monthly Cashflow $93 CASH-ON-CASH ROIDown Payment $15,900 10%Closing Costs $5,000 Rehab Budget$5,000 Misc, Other  $0 Total Investment $25,900 Annual Cashflow $1,111 Cash to Start: $25,900 Cash-on-Cash ROI 4.29%

I have a large scale rehab to do on the west side of Cleveland. 

I have acquired several units in the last 3 years, and many were off market good deals after I rehabbed and increased rents.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

What is the best way to find a realtor that specializes in rehab and distressed properties. 

While I'm hoping my rehab will be done in 2-3 months I have just found out that in the area I am looking to invest I have to wait 6 months to refinance.

If this is a place that you can't afford to have totally trashed and fully rehabbed, say buh-bye to this tenant.