Another consideration is if those numbers do pan out, flip the property and get two more projects working in the same manner.

It is a civil manner.

a deal that cashflows negatively $400 now could also turn against you as rents decrease now that we are in a rent bubble. a $400 loss could be an $800 loss soon and not only are you bleeding cash then but your valuation will also plummet. we are in a unique market that isn't sustainable long term.. 

I wasn't kidding about that "toss an oven in" idea, I've had people do that the day before the appraiser shows up.If it's right when the appraiser shows up and looks like it's been that way for years, they generally will not question who did the work provided it appears to have been done in a "workmanlike manner" (this is common in the east bay where the housing stock is 100+ years old).

It is a great tool for us newbies to see a successful project all laid out in that straight-fwd manner.

I would challenge that you can really sustain $150K a year consistently without a few years of actual records. 

That taxable fund with that number of doors will create a self sustaining property monster that can buy 1-2 properties per year. 

The association's policy does not cover flooding.In the lease, tenants acknowledged they are strongly encouraged to hold renters insurance that covers flood damage.The property itself would not sustain much damage even if it had 5 feet of flooding - $300 damage tops.However, I am concerned about the surrounding area making it unsafe for the tenants to travel into the unit.

once those utilities go bad, your not going to be able to sustain the capital expenditure to replace each of the well's or the waste Water treatment system. 

You cannot use your IRA in a self-serving manner.