Eating/cooking is not optional for most people.

@Steve L.Could I be so bold as to ask approx. how much someone like you mention is costing (I read the entry on your website about the process and I'm intrigued)I have a man who is very experienced (managed 98 units, licensed arborist, competent carpenter, plumbing and electric and roofing, intelligent, independent, etc. though he probably is a little perfectionist and might eat up some extra time that way) but he's self employed and billing at (an agreed upon) $27 per hour. this is higher than my main carpenter but he is much cheaper than my roofer, plumbier, etc. so it can even out.

Eat the costs I spent in trying to close.

Selling costs will eat all that equity.If you mean a $100K house then you might be able to do a cash refi and get a little of it.

I may just not press him on the rent and hope he moves out as planned and just eat the cost rather than go eviction route.

These cost are not found in the 50% rule, which you seem to be using as a tool to base your investment on, and can completely eat your lunch.

I bought one as a primary residence and it had brand new carpet, freshly painted, move-in ready and I was under contract day 6 on the market with substantial upfront equity that will come in handy this summer when I hit the 2 year occupancy point.

The seller sucked out all the cash flow and repaired next to nothing but when they go to sell they can't eat there cake too and want a premium price.This is a basic example of many sellers looking for a sucker buyer that is inexperienced and doesn't have proper representation that will get taken advantage of.The lender giving you a loan will look at DSCR ratios and cash flow etc. going in but will not account for near future repairs and could care less you make money as long as you service your debt tot he bank.

Personally I am not one to borrow money I prefer to save cash and pay 5k for a junker or 50k for a nice house in a decent hood but then again Im not like the rest of the crowd and its not easy to save when your first starting out if you have a family to support or are fresh outta college.

I'm fresh out of college (engineer at Boeing) and my gf and I are wanting to buy another rental.