There are threads on theFastlaneForum.com with specifics of all of my deals, but here is a quick highlight of the current state of my apartment deal (I will be starting another thread because I have a question on how others might address the basement renovation financing situation with the property): Purchase: $210,000 (REO); 2-units rehabbed and updated by the bank, garden unit not yet finished but the framing is completeDown 3.5%: $5,000 Earnest, $900 at closing (seller covered $7,500 in closing costs, also used to buy the FHA rate down to 3.25%)Capex: ~$8,000 (Updated door hardware, amp service from 100 to 200, coin-op laundry machines, etc)Location: 1 block from Brown Line in Chicago (great) on the North SideComps: Property across the street, similar layout sold for $300,000 in March (had slightly nicer finishes, unfinished garden unit)Rent Roll: Unit 2 - $1,300 with parking (3 bed, 1 bath...currently under market since rented November 1st) Unit 1 - $1,100 (live in 2 bed, rent one room at $550 and currently use one parking space worth $150/mo, renting out beginning next month) Garden - $950 (2 bed, proforma for rehab; will cost $15,000-20,000 to rehab) Laundry - $30/moNOI @ 45% (brand new water heaters, furnaces, appliances, etc): $17,030PF Basement Reno NOI @ 45%: $23,430As-Is Cap: 7.8% (yuck!)

The Landlord will determine placement based on appearance of any hardware.

When we collected our first rent--which was paid in cash--I literally carried around the 'net over PITI'--about $650 in my wallet for a month.

Basically you would be at best, peeling probably $900-$1200 out of your wallet to live in the smallest unit every month, and hoping for appreciation and tax savings tobail you out in the future.

If that were in my wallet ;) I would be looking for a larger property, maybe commercial, and one that could provide an IRR in the mid-to-upper teens.

I'd much rather focus my money on an upgraded kitchen and bath - things that will get buyers to open up their wallet - rather than fixing up broken systems that everyone expects to be in place.Once you start getting into the repairs, you're going to discover all kinds of things to fix and upgrade.

Talked to my contractor, out with ceiling fan, keep door(uniform throughout) and change hardware.

My temptation is to make the home flow better by making all the fixtures, faceplates, paint, doors and door hardware the same.

Others are right, part of your being ethical is dealing with others, all you can do is set an example in your dealings and show thier tactics or actions weren't necessary.Reminds me too of the quote by someone who said something about "when a christian uses his faith in business, I hold on to my wallet" something like that.

If you toss them into a paint of paint remover overnight you may be surprised what nice hardware has been preserved by all that paint.