@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

I’m estimating renovation costs at around $150,000.

However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

Usually the numbers don't work to build in these neighborhoods, unless government tax credits, etc.Do you see the problem with your two statements:"The turnover costs could/will be high"and"How much more damage could they do?"

@Jay HinrichsI try to avoid historic districts at all costs.

If you ever want to get into a tenant nightmare of costly potential litigation become a landlord, have the ac go out in Phoenix in July, and inform the tenant that you just don’t have the funds to replace it!.    

I'll save you the details but...Per door cost: $63,300All in Cost: 700kTotal Revenue: 137k(ish) annuallyNOI: 65-73% (in the expenses we included: insurance, taxes, $75/month per door repair expense, management fee 8%, grass cutting, & a misc fund for random crap business license, etc.)Now...

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

This is a blog I made myself, let me know if it helps my goal, to achieve profits because right now their zero (leads)How much does it cost to install a patio door?

Hard money typically refers to a company that has it's own underwriting guidelines, rates (9% - 15%), costs, draw process ect.