You have budgeted $2000 per year in maintenance and $1000 for repairs. 

@Jon Klaus   update we have run 200k over initial budget due to city changing spec's on our water retention piping system..

Each year we set aside a portion of our budget for learning.  

So do a refi as soon as you are allowed to under your purchase guidelines and get your 75K back for your next deal and take the additional 13K and add it to the rehab budget or down payment on another property or pay yourself a wage or whatever you want to do with it - that is your profit and you still own the house and (this is the important information in making this decision) rent it out ASSUMING that local rents are enough in the area for you to cover all expenses each month.That seems like the perfect situation considering you want to grow passive income and avoid a huge tax bill and the fact that you are in the middle of this thing as we speak.Lots of people are in envy of where you are right now in your investing Mr.

Make sure you budget correctly and it can be a relatively low cost way to capture your market and have fund too!

Budget for the worse, each non-spent maintenance budget is for you anyway, don't tweak the numbers just to make it work.

If she doesn't vacate, you've budgeted for an eviction attorney to handle the who thing, from noticing to court, if required. 

Water - Every city is different and some a flat fees and some meter but we budget $600.00 per year per unit.  

PM me with exactly what you're looking for, cash price budget, stomach for repairs, towns/zip codes, etc and your contact info.I've got several properties under contract right now, closing on 3 this month, but I don't know what you want.

I haven't done any note investing in Iowa, but the data I have is 160 day process with a budget number of 3K.