It's not in too bad shape, but was a smoker's house and hasn't had any cleaning done in years.Based on a quick walk-through I'm looking at internal painting, minimal external painting, carpet replaced (or removed to get to the hardwood floors where possible), a bunch of minor repairs to things like gutters/eaves/etc.In a perfect world, this relationship would continue to care for the property as issues occur in the future.

I received a  text message from an international number.

Most of my clients are out of state and/or international.

It comes down to debits and credits for the most part but there is also the logistical and sometimes conflicting component of investor requirements and 3rd party requirements (MI company, junior lien holder, senior lien holder, GSE, etc.) that at the least, influence the transaction or, can control the transaction beyond the seller's or lender's objectives outright.

So I guess it's a BRRR without the repair component. 

Choose a provider that can educate you on their internal process for funding your specific investment, not the other way around. 

Treasury Department and Internal Revenue Service are working on QOF guidelines and regulations.

I think the answer to her (and me, with my smaller portfolio) would be based upon the Internal Rate of Return, which diminishes over time.  

-To be competitive in the resale market, both units need:  full kitchen and bath remodel; new flooring; new paint; new window fixtures; some / all new internal doors; popcorn ceiling scrape and paint; new light fixtures; likely new water heaters.My experience tells me that each unit can be fully remodeled for between $20k-$30k.Seller says that each can be fully renovated and be market-competitive with only $5k. 

And then when I go to the XYZ Big Bank website or call their mortgage 1-800 number, I learn that they "do not offer" the program that has their logo all over it in internal documents.