While there are some strategies you can utilize to tap into your retirement accounts prior to retirement, you must plan for it very carefully.

You'll want to get all the real operating costs from the owner, including pest, lawn care, taxes, insurance (you can get your own quote), maintenance, utilities, management, etc. 

You also want to be careful that you aren't leveraged to the hilt.

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.