One house has actually not been terrible to turn over, but the other one has needed a couple thousand dollars in "re-conditioning" after each tenant.

Usually I'll do individual showings, but I can direct them to two or three open house blocks during a week, often when I'm there reconditioning the unit for the next tenant. 

Over time 50% is merely a guideline.10% management10% vacancy30% operating and expensesThese numbers come out to about 50% over time although each category might be slightly more than the other depending on circumstances.Now if you have where the landlord pays water/sewer etc. you can spend up to 60 to 65% total of gross income.If you have a brand new building costs might be more in the 40 to 45% range at first.If you don't maintain then you will get hit with big capital costs down the road or a reduced price when you sell.Those units mentioned becoming vacant if they tenant has been there for years and years you will have a big reconditioning capital costs and loss of rent time period going in.

Our tenants leases gives until the 5th then rent is late and 100.00 fee applies plus 10 dollars each day and a 175.00 eviction fee.So on the 5th if they don't pay we are giving them "notice to vacate" tacked on the door if they don't answer.Then filing dispossessory on Monday.They have 7 days to answer and court date is set.I want them out by 3rd week at latest so I can recondition and get rented for September.The judge surely won't grant them more time if they are not paying right??

my perspective on some investment property terminology:A Turnkey property is typically like a reconditioned car.  

Not sure best way to figure that)Initial Cash Investment: $42,500 with upfront reconditioning costsUsing the above numbers my investment would give me all the equity ($209,000) plus the 30 years of positive cash flow ($81,000) for a total worth of $290,000.I realize I am not factoring the tax benefits, but I am not sure of a good way to do this.Stock Market Investment:Initial Cash Investment: $42,500Rate of Return: 10%Value After 30 Years: $741,600As I said, I feel as if I am missing something.

Is there any chance the septic system could be repaired/re-conditioned at this point? 

(about 11% ROI annually)Reconditioned the home for new tenant costing about $7k (new paint, floors, few upgrades, etc.)Rented it for 1 year to a new tenant at $745/mo.Reconditioned the home in between tenants for about $2.5kRented it for 2 years to a new tenant at $750/mo.Reconditioned between tenants for about $17k (these tenants were pretty hard on the home and it needed a new roof.)Rented the home for 5 years at $795/mo.Reconditioned the home for about $8.5kRented the home for 1 year at $800/mo.

Hello Everyone,I buy, recondition grandma homes, and sell them on a two year land contract in the Milwaukee, WI area. 

As far as you have said all they did was a title search.I hope they did not overpay for this property.You cannot pay on POTENTIAL or on what cannot be 100% verified.If you have tenants that have been no paying to half paying it could take months before getting them out and then you have to recondition and lease up.This is why if you can't verify something to be true you bid blind based on the worst case scenario.