Lets round that up to 25% to be safe.

You do have the risk of becoming a serial syndicator as you join this 'Merry Go Round of Real Estate'. 

I just went through 3 rounds of hazard abatement on 2 units that had a fire. 

I have a commercial real estate agent and engineering firm at the ready for all of this.The biggest wall I've hit is rounding up the remaining capital that will be needed to pull all of this together.

@Nathan Milholin You’re right it’s probably closer to a 15 minute walk I rounded down.

I'll go to my banker with deal in hand ( I'll use round numbers for this example so its more clear)I have a contract to purchase a house at $50,000.

@Kyle Nelson, Minnesota has a very strong vacation rental market, and if you get into the right properties, they can be profitable year round.

Their availability is going to be key in getting this project dried in within the 6 month build season of the area.This updates rough numbers to:-35k land-100k loan + 5k fees-10k permits engineering survey soils-30k well + spetic-electrical and phone hookup placeholder of 10k-6k for heavy machinery and gravel driveThis rounds out to 196k total costs.

DP 60K + closing costs 3% or 9K + 15k rehab= 84k Rounded mortgage to $1200 monthly, so clear $300 or $3600/$84000= 4.2% return on cash.

I typically round up one group every 2 to 4 weeks.