For a 25% minimum pricing gap, in order for me to invest 10% in the actual fixing up.It seems excessive.

He was asking how to tweak and fuel a machine that he had the personal fortitude to get moving.

You completely ignored management (whether you do it or not), maintenance, capital expenses, vacancies, utilities during vacancies, advertising, entity maintenance, legal fees, damage done by tenants, evictions, court costs, lawsuits, fuel so that you can drive to your rental 1 1/2 hours away, etc, etc, etc.

Operating expenses include taxes, insurance, paid management, maintenance, office supplies, advertising, legal fees, court costs, fuel for your vehicle (or mileage), some vehicle expenses, some education expenses (possibly depending on your business situation), etc.

Operating expenses also include management (whether you do it or not), maintenance, advertising, vacancy allowance, office supplies, legal fees, evictions, court costs, utilities paid by the owner, lawsuits, fuel for your vehicle (going to and from you rental), damage caused by tenants in excess of the security deposit, etc, etc, etc.

The condo conversion fad is over and in many areas there is an excess supply of condos.BTW, buying 30 units at $100K per door and selling for $200K per door does not give you $3 million "net".

Excessively marking up the service or product is gouging.

If the net from the sale is more than the mortgage balance, the seller gets the excess.

& the excess volume of water/waste can & will back up with a lot of hydrostatic pressure via the easiest route.... your basement.

Portfolio lenders rarely require the use of a property manager or keeping excess reserves in the bank outside of a possible tax and insurance escrow.