Right now in phase of researching areas.One of my research area is Wilmington DE , because of lower entry cost and taxes.It seems like one can also find deals in 20K's in area while rent is around $600-$800.Is there any specific areas that is good or bad for rental properties?

I get the syndication route... and its soup de jour for a lot of folks trying their first ones.however there is EXTREME risk in this as a sponsor.. and that is downside risk.. if you have a market move against you .. ( and they do were do you think distressed assets come from in the first place)your personal liability to your investors is very high.. to the point of being dragged into lawsuits and many end up robbing Peter to pay Paul to keep it going then get criminally charged..

Hey @Bradley De comarmond I've also been considering it.

First of all I am not familiar with PR specific laws but I'd be happy to speak from my experience in Delaware.  

In order to use the 203k we had to de-convert the bldg to 4 units.

But with Brrrr, do people here de-emphasize cash flow looking at the 5 year total return instead.  

Like the title says I am looking for a referral for a GC in the Newark area for a Fix and Flip. if anyone has anyone they worked with I would appreciate the referral.

My partners and I are California based and It looks like a Delaware LLC offers the best rates for us (Nevada is second).

Does the building come with a use license ("licença de utilizaçao")?

If it is possible to de-convert condos back into apartment building and the recent comp sales of a similar type 3 unit multifamily are more than the sum of what the 3 condos can sell for (again using comps) then i would choose whatever option makes most moneyIts just laying out the 2 options and finding out which option gets you the most money (cost benefit analysis)Curious to know how they would come up with the break out of the sale.