Quote from @Evan Polaski: @Jay Hinrichs, while I wasn't going to call them MLM, I did attend an Armando Montelongo (A&E's Flip this House from mid 2000's) seminar at a hotel conference room in 2007 or 08, which was the free funnel to spend $1,500 for a three day seminar or $25,000 for an in-person mentorship.I have seen similar promoted with Christina and Tarrek from Flip or Flop more recently.I didn't start realizing how profitable education can be until the last 5 or so years.  

On an annual basis, the administration is mostly meeting minutes, resolutions, and annual filing of your 990, most of which can be outsourced depending on your budget.

Eventually we upped the budget to get something we would absolutely love even if it was slightly cash flow negative.

They got fundamentally sound real estate, with matching debt (10+ yr fixed rate) and budgets with the intent to hold nearly forever. 

Had a budget of 55k to start.

You can view my live rehab budget spreadsheet as I renovate here if you're interested in following along I'll be posting @LearningToDIY on instagram too https://biggerpockets.notion.site/Rene-s-Renovation-Budget-T...

I believe the neighborhood has some of the strongest fundamentals in the entire city but its incredibly easy to make the wrong assumptions when investing in Mount Airy if you don't truly know the market and the only way to do this is by spending considerable time in the neighborhood. 

Research competition  and determine their profitability and how much they spend on marketing, how many employees they need, and how much time the wholesaler needs to devote to the business.  

You might spend between $5,000 and $20,000 on furnishing the unit, depending on your choices.

Then we sent them each the same raw video and told them our budget, in this case only $50.