I am a property manager in the greater sacramento area and on our website we have a link for Investors where they can put in a property address and it gives them a rent rate estimate.

Estimated costs 270 incl transaction and carrying for 120 days.

Jeff, after looking at the house twice for a walk through I estimated the rehab to be $100k.

Other details: The home is less than a 5 minute walking distance from the train station (<40 min to NYC); the neighborhood is what I'd estimate a Class B+; the home (from pictures) seems to be in OK condition but may require some touchupI understand this is an owner occupant deal since I'm using an FHA loan, however I just want to run the numbers assuming it is fully rented out so I can judge based on its cash flow merits.Finally, if this is a good deal and I should pursue it, how exactly do I get it?

I am a (licensed) property manager with a small Property Management company in CO and we manage approximately 100 units (primarily SFH).

There is, at our best estimate, about 20 billion in seller finance paper in manufactured housing alone.

Good thinking thereLook on Zillow and Trulia and see if tey have an estimated value for that house and an estimated rent for that house.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

So, I do want to ask you this one question, “what if I could draft a very simple agreement, that would allow a payment to come to you for 24 months that is approximately your PITI payment, and you turn this property into an investment property, where you get some tax advantages from the IRS to do that, and about 24 months from now, the house would be sold, and then you would have your mortgage paid off in full, with no additional costs, no closing costs or realtor commissions…..what if I can get that done for you, can you see any other reason why we couldn’t go forward today and get a simple agreement signed today?”