That 45 days is very short and you may find that you have to buy something that might not have been your first choice.

I will need to use a manager on this one as it is about 45 minutes away and I have a full time job. 

Once you sell the property, you have 45 days (out of the total 180 days) to identify a property (i.e. get under contract) and than another 135 days to close the sale, which get's you to the total of 180 days. 

@Chris Connolly I always encourage people to get 4-5 bid proposals from managers. 

Growing up as a kid we always had 4-5 rental properties so I know that side of the real estate world, but recently I've discovered the idea of Wholesaling.

Most conventional loans take 30-45 days, because of bureaucracy and legislated steps, see if they can move faster if you submit your docs ahead of time and just give them your current pay stubs when you are ready. 

So based off this calculation I determined that my portfolio is strong enough to move on with my expansion plan into a new market.Business expenses as % of total expenses : 70% 1) Fixed Expenses: a)Monthly Mortgages: 45% b)Property Taxes: 18.7%c)Utilities Expenses: 14.8% d)Licenses & Insurance: 5.4% 2) Variable expense - Water bills + repair expense : 16%Personal Expense as % of total expenses: 30% My monthly living expensesa)Housing: 39.7%b)Child Care: 25.4%c)Living expense: 22.2%d) Food: 7.9 %e) Insurance: 4.8Income 1) Total Income - 100% A) Rental Income: 42% B) Wage income (W-2) : 26 % C) House Flipping Revenue: 23% D) Property Management Revenue: 5% E) Stocks/Dividends: 4% Please let me know if you would like help walking through this process as it has been super helpful to understand my financial situation or send you the spread sheet I used.

So as you know already 70% of the conservative appraisal of 450k is only 315k ( about 45 k less than you owe taking into account that you have paid the mortgage for the past year).

I’m lucky if I see a first check in 45 days......governmental work. 

Here's what I set aside per unit:Taxes:  ~ $100 per monthTurnover expense:  3.5% GSRWater/Sewer/Trash: $30-$45 per monthMaintenance: 12%Cap Ex: 2.5%Overhead: 1%Insurance: ~$25/mo.Debt service (100% leveraged): $350-$400EVERYTHING ABOVE is increased by 10% to account for vacancyAll told, each unit still cash flows between $100 and $200 per month.These are B-/C+ small MF properties.Note I do not pay for management as I self-manage, but that is offset by the increased debt service created by the 100% leverage.