We experience some delay due to limitations on our velocity - we had to interlacing this project with three over turnovers, each requiring 1 - 2 weeks of effort, which occurred this spring.Regrets: Even now, part of me thinks I should have gutted the upstairs as well and replaced the existing insulation and vapour barrier with closed-cell foam.We are getting ~30% more rent per month than before the renovation, however it was only later, after the lease was signed, I fully realised that I undersold myself on rent and could have demanded an even higher amount (8-10% according to the agent and appraiser who walked through).  

Yep the $500 specials can be a pit fall if one does not approach then with a well educated eye, we are also looking at properties that are already rented, but will still get the full inspections plus check City occupancy certification etc.When I first found BP, I quickly realised how valuable this site will be, hopefully I will be able to give back, though I am not a forum junkie as my evenings are walking the dog, cooking dinner for the family, usually quoting work then if there is any time left, property searching.

It was the seller who did the math and realised that selling retail would get him more money, but it was he who proposed the questions that we sell at the prices settled-on if we could find a cash buyer in this range.I in fact did discourage him from this idea at first as the DOM in this market would have been pretty short ( 60 days or less).

If you want to succeed you need to move out of your denial stage and realise that selling is the right and only option if you plan on moving forward.You can polish a turd until it shines like a diamond but it will always be a turd.

Sorry, just realised my post above wasn´t very relevant to the original question.

thanks, @Brian Burke - that explains it - the numbers you've all been discussing above are highly speculative, particularly in today's financial climate - I'll take the "low" (10-16% net pre-tax cashflow p/a) that we've been seeing in our condos over the risky potential discussed here any day of the week, but I do realise it takes all sorts.

I realise virtual wholesaling might not be the best option since I don't have the right partnerships at the moment.  

I realise that makes things more complicated with finding out how much it still owed on the property.Let's say someone is 80 and owes a property free and clear but there roof is falling apart and the house needs major repairs, they can sell it to me and get 100K cash and I can repair the property and they pay me $1000 a week in rent.

There is no doubt that it can melt further and it is possible that 7500 will be seen as a goal to attain and not a baseline to maintain.Although the government-financial sector are creating more money out of thin air by the minute and lending this to people (called injecting "liquidity into the economy") , the people will have to be really stupid to go back into the debt trap by taki g the bait of easy credit.Even Obama realises that he has to find some other issue than the economy to maintain a positive media image, nuclear weapons.

@Joel Owens I realise that your opinion is that of a broker and has some validity in the sense agents do not want to waste time.