Basement waterproofing on the entire foundation outside will eat into my potential profit three fold. 

In order to clear $482K from the sale (after a 3% commission), the sale price is 482,000 / 0.97 or $496,907.22.The commission on $496,907.22 is $14907.22, leaving $482,000, to be split to the loan, the lien, and some folding money in the seller's pocket.

There is a country song... you gotta know when to hole um... know when to fold um... know when to walk away and know when to run... great questions- 

I wrote a testimonial on his site:http://justaskbenwhy.com/testimonials-2/ (#2 currently)There's a lot of ways to look at this.. but my main focus in purchasing were two fold:1) I wanted to shortcut some of the time it would take to research and find info, etc.2) Access.

You weren't afraid to take the risks and they have paid off twice fold for you!

Knowing when to hold and when to fold will help you win half of the battle.  

For example, there was an extension cord power strip that was spackled into the wall,  the front facade was good, but the siding all around the rest of the house was so bad, we could poke through it in places, and the list went on.So my question is several fold.  

A small down close to me had an opportunity to almost double in job growth and population and every investor should have been very excited, either they would have sold the properties for 2 or 3 fold or rent went though the roof.

Just be careful to plan it correctly.Based on your figures you'd have to come in with a substantial amount of cash to pay down your loan to 75% of appraisal in order to "take out," or refinance out of the FHA loan.One solution beyond having a grip of cash is to buy the fourplex considerably under-market but the likelihood of that is two fold because you have to abide by the "health and safety," standards of FHA financing which can be daunting at times when looking at REO's, auction sales, and etc.Best of Luck,

Later, big business was brought into the fold.