It used to be 6 months from sale would be good enough (30 years ago).I could go hard money, but I would want to watch the pre-pay penalty, points and interest.I will most likely hold onto the property for 2 years as residence if I don't use hard money.You won’t be able to obtain a conventional 80% mortgage by having the seller carry the 20% balance without committing mortgage fraud - lenders will require the down payment from the borrower and require you to sign statement declaring that the source of the down payment is not borrowed funds.  

Hi @Eric Fernando1) If there is hardwood and it is in good enough shape I would refinish or sand. 

I bet you could train it to mimic your sarcasm If it can't make people close their account just due to my response, it's not good enough.

Or, perhaps we’re in a good enough economy?

Even with this conservative approach, IRR is around 6-12% for some properties, but the cash flow is not good enough or total cash at close is too high.

This is my first deal, are these numbers good enough to pursue?

What is area like, is it good enough for the rehabs you are doing and the market you are in? 

The cashflow in MI relative to price/cost (RV or rent to value ratio) is good enough where this strategy might work better than our east and west coast cities where RV ratios are like .3-.6% of price per month.

How do you guys decide when a property is good enough to invest in and keep as a long term rental?

It depends on what your strategy is prioritizing.Best CoC we typically see (over 20%) is from renovating bungalows in on a "good-enough" block a placing a Section 8 tenant.