Now you've got a walls in policy for a fraction of the total cost because the rest is covered by your HOA dues.

@Joe Splitrock as it relates to your state just the fact that they need a state license and NMLS registration is why its difficult. only 12 states require it.. so its just as difficult in CA and it is in SD and in Oregon for that matter.. the rest of the states NO license required.. 

You borrowed $60k.....you could have spent $30k on the rehab and pocketed the rest or you could have spent $80k, using an additional $20k of cash. 

I did a loan for a woman that owned a Christmas tree lot, she made all her money in Nov and Dec, and didn't work the rest of the year.

If you don't the paint will suck into the drywall and be less glossy that the rest of the wall even if you apply 10 coats of paint.

Hello,I have wooden flooring in my rental apartments, some of the wooden flooring was partially damaged in the living room and one of the bedrooms, I think I made some poor choices when hiring a flooring contractor as I was a total noob few years ago, it turned out the contractor ripped off the entire  bedroomflooring and installed it with a prefinished flooring which is in stark contrast (a lot darker) with the rest of the apartment and he installed some of the ripped off pieces from bedroom  and installed in the living room to match color but it feels a liite bumpy around that area.

The rest can be done by remote control.  

For example, putting 80k into a property (we'll say the house is purchased at $375k and the rest of the money is used for fees and updates) that can net $1,000 a month seems like an excellent return even if you aren't meeting the one percent rule and getting $3,750/mo in rent.

What if his materials only cost $200 and the rest was all OH&P, would this be an issue for you?

We need the year to continue saving the rest of our down payment and research the neighborhoods in Chicago.That is good advice to start looking early because as we are on the same page, I also foresee finding a place that my fiancé will be happy to picture herself living in that will also cash flow.Was the 3-flat you bought needing work or had it already been rehabbed?