Thanks Dan, that's what I figured I should do.  

I'm picky, and have very high cash flow expectations so my properties are hard to come by.If you want something more realistic tailor it down with more conservative assumptions. 

I figure it's about time I made real estate investing happen.

-Sub metering of utilities or RUBS-Renegotiating all operating expensesSurvey your residents and ask "What would make your living experience better here at _______" This will open the door for ideas and they use your creative to build on those suggestion and figure out how to solve a these problems your residents have. 

The key for me is to have all this figured out before bidding on the property...then add some additional repair costs :) I find it really helpful to talk with investor/rehab, realtor colleagues in your area to get a feel of what the ideal marketable property for your price range looks like.Hope this helps.

I am new to this site so haven't figured out how to send PM's, but if you are interested in talking and learning about what my company does, it would be great to talk with you.

Some days when I get on BP I have something I need the community to help me figure out, other days I want to welcome new folks, sometimes I want to just offer advice, then there are the days when you just need some inspiration to keep plugging along!

Stephen,Is the reason, besides needing a lot of work, that it is costing you more than you figured ?

You may owe a lot of tax and in my experience, you will owe a lot more tax than you are expecting.

Ellis, that sounds more reasonable and expected.