From what the wholesaler tells me the seller is in very bad financial shape and there is no way they could pay off the lien before hand so it would be my responsibility to take care of it.

Originally posted by Account Closed:Turnkey out of state are a great option if you dont care about making money.Just go over their pro forma-its like they never heard of the word EXPENSES.Ask yourself why in staters arent their target market.What's your basis for these?

I will say that you more or less have to keep up with air B&B to keep that property cash flowing.If you intended on living in it, I would say its probably a pretty decent start.Be a little careful on that stretch, some of it is pretty good, some of it is a little sketchy.Having owned a duplex pretty close to there, I would guess (without running the numbers), that the initial return would be just so/so. 

We couldn't afford two homes at one time, and me taking care of my husband there, and all the things I would need to take care of our current home, which has lots of lands, and a very big house. 

In addition I always view this as if you look like you take care of your units you will attract tenants that take care of the units. 

So that takes care of the floors... but the painted kitchen cabinets?

This shouldn't happen often if I am careful on my tenant selection and upfront about the terms. 

My third spreadsheet has the same X axis as my first spreadsheet and the Y axis is the amount needed to offset the mortgage based on whether I charge $800/$900/$1000 a room for rent, all the numbers are pulled from the county obviously:Electricity, gas, repairs and maintenance (10%), capex ($200), vacancy rate (10%), sewer rates, water rates, solid waste fee, lawn care, property management (10%).Am I missing anything?!? 

Had a hard time to sell it due to my partner listing it really high and then quickly dropping the prices which I guess made people think, let’s just wait until it drops no more and needless to say there was hardly any return to talk about even though there was no debt service involved.May be your experience will be different but be careful!

For the other company, if liability is above their limits, I'm not sure they really care because it is no longer their problem.