My management team has approximately 3,000 units under management, with about 15% being subsidized, via Section 8 and other voucher programs. 

Based on an estimated appraisal of $1.1 - $1.2 million, you could secure a loan of up to $900K (75% LTV).

The wholetail is a smart play, but you should be cleaning the place thoroughly and doing no repairs and then presenting an honest proforma with rents and expenses estimated so investors have a PDF to look through.

Planning for a full renovation from the start is a smart move because it gives you a more realistic view of your budget and timeline, and it allows you to aim for the highest ARV without cutting corners.As you move forward with this flip, make sure to track all your renovation costs closely, since it will help you with more accurate estimates on future deals.

Sometimes it provides estimates, but usually you need to input them. 

And they estimate the life span of either system to be about 14 years.

The current tax code provides special benefits in this situation.When the original owner passes away, the "basis" of the assets resets to the market value at the date of death.In the US, there is currently an estate tax exemption of approximately $13 million per person, which allows the basis to reset, and depreciation can start anew.This “step-up in basis” is particularly useful if the next generation wants to sell the asset.Since their basis is set at market value, if the property is sold at that value either at the date of death or within six months, there is no capital gain and no taxable event.There have been many examples where portfolios of fully depreciated real estate worth tens of millions of dollars have been passed down from one generation to the next, resulting in little to no tax liabilities for their heirs.Pretty cool, right?

My plan is to begin next spring.That said, I found a completely gutted home a few hours from me and gave my first attempt at analyzing the deal, estimating rehab costs, and projecting ARV.

My estimate of 15% always ended up being higher, but hey, what's it going to hurt to be more conservative.

It’s especially advantageous that your construction costs are lower due to being a builder, which really boosts the overall profitability of the project.The numbers look strong, especially with a refinance at 5.9% the $24k net after expenses and $12k yearly pay down show a solid return, even with conservative estimates.