•Systems: Servicing the HVAC system, replacing the water heater, and updating the electrical panel.The renovation was completed in 13 weeks and totaled approximately $35,600.

Turning over management via a triple net lease is a great way to lock in superior cash flow thru a 15%+ long term lease.Self managing is easy money with tech and systems.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

I'd seriously consider finding a new PM who has better systems in place for handling these situations.

I am looking at a 5 unit building that I want to do a condo conversion on. 4 units would be vacant 1 has a rent controlled tenant in there who does not want to move.

Just because we did it so quick shouldn't diminish the value, hard work and systems required to produce the result for you.  

Am I misunderstanding the system of using private money, do I still need to fund down payments?

Seems like 130 units is a beast to manage, I'd love to hear about your on-site management systems and "experience management" process to stand out amongst the fierce competition in the smokies. 

Our systems have caught people using SSNs from deceased people or the SSN indicates they are 2-3 decades older than their driver license birth date.

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