I just wanted to resurect this thread becuase Im zeroing in on what this will actually cost me and what type of income it would generate.Roughly it would generate $11,300/mo (4 3bed, 6 2bed, 6 1bed & Im operating on the conservative side for the rent amount).Expenses would roughly be debt service of about $6,600, $900 for property insurance, Its exempt from property insurance for 5 years (renisance zone), $700 in maintenance, and I would do all the property management.We are talking the place from the gutting phase all the way to turn key for a million bucks.

How can you help in the various phases of real estate investing (acquisition through sale)?

No offense, but it's kinda like a nurse saying they want to do surgery.Your rehab skills will be of little help in the beginning, until boards are being cut and the development by that time is phasing out.Where do you begin, do you have land or you want to find that?

There is a phase out for this too.

We are still in very early research phase and have not yet defined the parameters of the eventual property purchase.

You might also want to contact a title company like Fidelity National Title (https://www.fntic.com/) that has local offices in the area and speak to a title officer about getting insurance and may offer some basic tips.Anytime a property even starts to go into the very early phases of going bad (from N.O.D. to ultimate auction/REO status) just go with the mindset and assumption there ARE title issues and it should be one of the first things you look at before buying ("Is there an unquestionable clean and marketable title?")

That would be a good deal.Also, as Matt mentioned, the 2% rule phases downward as value goes higher than $75k and needs to go up as prices get below $50k.

Thinking is I will build part of it with money from lenders and sell as phase 1 and then use the profit to build the rest.

I am in the "learning" phase of real estate investing and look forward to gaining knowledge and making my first deal in 2013.

If for any reason, you and him are not on the same wavelenth, you can be rest assured, you will have to really really go the extra mile to ensure all the i's are dotted and t's are crossed during the various phases of a deal.