This is for illustration  purposes.

Just meant to be a generic illustration. 

(This also hypothetically assumes you instantly place a tenant upon closing for the sake of illustration.)

USING 30,000 WITH A 20% RETURN AS A STARTING POINT WE WILL ILLUSTRATE HOW THIS WILL WORK FOR YOU.$30,000 (HOUSE COMPLETED AND SOLD 6 MONTHS) 30,000@ 20% =$6000PROFIT ( ROLL OVER MONEY INTO NEXT FLIP)36,000(HOUSE COMPLETED AND SOLD 4 MONTHS) $36,000@ 20%=$7200 PROFIT ( ROLL OVER MONEY INTO NEXT FLIP)43,200 (HOUSE COMPLETED AND SOLD 6 MONTHS) $43,200@ 20%=$8640 PROFIT ( ROLL OVER MONEY INTO NEXT FLIP)$51,840(HOUSE COMPLETED AND SOLD 7 MONTHS) $51,840@ 20%=$10,368 PROFIT30,000 INVESTMENT 23 MONTHS $32,208 PROFITFrom the above illustration thirty thousand dollars would have produced a$32,208 dollar profit in 23 months.LETS TAKE YOUR INITIAL 30,000 AND ADD IT TO YOUR 32,208 PROFIT = $62,208.00NOW YOU ARE READY TO FLIP YOUR OWN FLIP.YOU ARE NOW ENTERING INTO YOUR THIRD YEAR OF INVESTING.

Then estimate your operational budget to turn the building around and then multiply that by two and deduct that from the average.Here are some numbers just to illustrate it.Let's say new builds in your market costs $100,000 per unitAs you said, your valuation based on current actual NOI is $615,000 or $15K per unit.How much renovation/updating will it take to get make this building look like new build?

Without going TOO far back in my REI journey (almost a year) I'll try to illustrate my current position.

If you can illustrate this in terms of markets and ranges of purchase, ARV, and rehab that will be helpful. 

For example, this is what you could offer (numbers just for illustration's sake, evaluate what would be right in your market):Rent will be $1,450/month, valid for a 17 month lease Rent will be $1,525/month, valid for a 7 month lease (until May)Rent will be $1,600/month, valid for month-to-month leasThe options you put in front of the tenant allow them to pick and choose which one is best for them, while allowing you to EITHER control when you have the vacancy, or earn more profit in exchange for the "risk" of MTM.

Let's simplify it (but the correct calculation is not as straightforward as below however, I am simplifying it just to illustrate the point):Marginal return of typical syndicator: 15% IRR x 70% = 10.5% IRR for the LPMike Ealy's project return: 40% IRR x 30% = 12% for my LPNot only does my investors benefit from the higher return, they are also protected from market downturns.

I am sure there are QOZs with great returns as well - just illustrating the point.