So for the best answer, post the details and then you can be pointed in the right direction..... which would serve you better than a cookie cutter formula ( though its a great one for quick valuations) . 

So here's the combined numbers for both props on a monthly basis.Purchase Price For both Properties: $120,000Gross Income (both properties): $5,965Gross Effective Income (10% Vacancy rate): $5,368.50 Net Operating Expenses: $2741.31- Cable - $50 (it's gerry rigged)- Water - $435- Electricity - $450 (3 months during the summer its $800 a month)- Dumpster Fee - $185- Fire Insurance - $41- Property Mngmt - 7% (I will use professional management)- Taxes: $363.34- Maintenance: $800Net Operating Income: $2,627.19Capital Improvements: $25,000 (roof, foundation, paint, flooring)The owner combines all expenses for both properties because they are side by side.  

For instance, in my cookie cutter neighborhood homes sell at about $200000.

I like the terrain.. not all flat  so it gives you some definition and charater to the lots and the homes are not all cookie cutter.

Just try and make it feel homey and not so cookie cutter.

At one point during the past boom I had some experience in entitlement and tiny lots in giant cookie cutter subdivisions sold for $35K in bulk to builders.

Your in Jackson so try the rig meetings they have every Thursday at 12.

We called a local pawn shop and they just said to call the police.Among the weird things they took/did not take:They took my 25 year old Craftsman hammer but left my wife's brand new Estwing hammer.They left my brand new table saw but took my 10 year old air compressor.Last night we tried to Gerry rig a temporary security system.  

This gives you the peace of mind of knowing that you can take out (fancy speak for refinance out of) that construction first lien/loan upon finishing your work on the property.Some local lenders here in WA and in many other states can even do whats commonly referred to as a two step loan where they combine a construction rehab first loan + a take out permanent loan (usually a conventional loan or in house portfolio permanent loan).This product gives you all of the assurance I mentioned above into one product.In areas where you can't get a two step type of product you can get a HML to team up with a conventional lender to jerry rig a similar two step product but this would be with a HML construction loan initially (pro's and con's).

On a cookie cutter refinance transaction, you can day-trade if you wish because it's 100% on your timeline.