I'd recommend the spread on the return and your ability to replace damaged items (local vs. not local, strength of your team) be the determining factors in that decision.

While $300K may not yield high returns in your market AND presumably limit you to smaller deals with less doors/units, the same amount could align you with a group of investors purchasing dozens of units elsewhere.

I tried in my market which is the 2nd biggest to New York, so pricing for ads was really high and the return was not great.

Today all these homes could be sold on the market for a good return since homes on Long Island has had big gains.

If this property is near the beach or near downtown area, the appreciation potential could be extremely high and it can be easily over millions.

. - Your return on equity with this house is terrible. 

This will also make your cash-on-cash return go down.

The WY LLC was named as managing member of the TX LLC .Also should I consider having only myself as the manager (and not add my spouse) - otherwise it becomes a partnership and I would have separate cost to file a partnership return? 

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

Just go through them, select the renovated/closely matching ones, and enter them into a model.Here's my fix & flip model, you can see the comps entered and some quick stats below them: Then I use that comp data to adjust the Sale Price in the model to what I estimate it will be (double check the resale $/sf is in-line with the comps), then adjust the purchase price until I hit my desired return level.