Realistic Expectations on Profitability and Headache

[Tim Shanahan]

Hello, all!

My business partner and I are working on getting our first deal, which has proven difficult. Our goal is to get a 2 - 4 unit property, with minimal rehab needed, already rented units (ideally), for around $50k. Is this realistic? We have the 20% cash, but now we are jumping over the financing hurdles. Is it reasonable to expect this to be a profitable endeavor, with minimal headaches as far as tenants paying on time, maintenance, etc. The properties we are looking at are in northwestern Illinois, eastern Iowa (Quad Cities). Is this a better price range for a flip scenario, rather than a buy and hold? Any insight you all may be able to provide will be greatly appreciated.