There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment. 

What if you're a cardiologist with no debt and making $250,000 annually?

Hi all! Excited to join the BP community.
About myself - I am a principal of a RE development company and co-founder of an proptech company. 
On the RE side - I own/developed 2,000 residential units across the Unite...

@Guillermo PerezPositives:- Equity Built: You now have $70K in equity, which is a solid result for your first deal.Cash Flow Potential: If the property rents well and covers your debt service while providing some cash flow, that’s a win.- Experience: You’ve successfully navigated a purchase, rehab, and refinance, which are the core components of BRRRR.Considerations: - Budget Overrun: Being $27K over budget highlights the importance of tighter cost estimates and contingencies.

Quote from @Dave Schimmels: What is a good way to get accurate rent comps with existing tenants based on the area?

When the IRA invests in real estate using debt not only does it have to be non-recourse but the IRS says, you can use leverage but since you aren't only using IRA money for this investment the retirement account is going to pay UBIT on the income generated because of the debt. 

One would learn more just by reading these forums and absorbing the knowledge and experience from the people who've done this before.A book is fine, these books are based off what? 

As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. 

There is no UBIT because your investment isn't leveraged with a mortgage or debt.