The inspection report came back with multiple major issues:- Roof: instead of removing the older shingles before placing the new ones old they went ahead and place the new shingles on top of the old ones, meaning insurance won't cover me, being the older layer is more than 15 years old.

Thanks for everyones insight ahead of time

And, it's not cool to have pets over unless that was talked about ahead of time.Getting paid cash (even checks) nowadays is inconvenient.  

I could see going ahead only if I had a contractor I was VERY confident in.Where are you getting the 80K rehab from?

Thinking ahead.

Q8 - Your ahead as soon as you refi.

From that info I can tell if they are close enough to a price I would be willing to pay to proceed.I would expect to get the leases before closing on the loan and I go through to make sure they are actually charging what they claimed for rent (I had one tenant who paid ahead for a $60/ month discount), double check when the leases end (I've seen owners claim they were fully rented through a certain date and find they were 6 months off), and who is paying for utilities.  

Keeping up with the minimum monthly payments as they come due would be critical, because if you missed a payment it could result in the terms changing and a jump to a higher interest rate.If you decide to go ahead and do this.

Once you buy right (toughest part - the acquisition) than you work on making things work in your favor IE. manage very carefully, have a network of people to turn to who will not rip you off assuming you won't be doing the management yourself.IF you can fully manage and do repairs yourself than that is even better as you won't need to give up this portion of expenses which will in turn boost your return so you are a step ahead.

If you get one this way you are ahead of the game.