Deferred maintenances are always something to watch out for, but multiply that by the number of units when you start looking at multifams. 

While that isn't bad, with only 100 letters a month I need to multiply that 10 fold to make a business out of it.

Mathematically speaking all of the limited partner's outside basis (80% interest) would have to be multiplied by .63 to compress to 50%.

You need to figure out how many months from close to finishing the rehab, then multiply those monthly expenses by that number (holding costs). $90k of rehab should command a better profit. $90k rehab budget, how firm are you with that?

Over 8 as a gross rental multiplier in Sevier County for overnight rental, in nearly all circumstances, will only produce a positive cash flow if the cabin is self managed and/or paying cash (or very low LTV).

The reason for this is the ROI on the appreciation and mortgage paydown is multiplied by the amount of leverage being used. 

This can be calculate roughly by using the GRM, gross rent multiplier (all property rent of a year time divided into thee property price).  

GRM, or gross rent multiplier is another valuation metric, but I can't seem to find it so worthwhile yet.

When you hear that property management is what will make or break you, multiply that by 5x for this zip code. 

If I can estimate 1 unit, then all I have to do is to multiply times the # of units.So basic items like flooring, kitchen cabinets, painting, bathroom cabinets and bathroom sinks.