Here is what the numbers came out to:$50k unsecured loan at 8% interest from Huntington BankPurchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months)Rent house out after repairs are done for $900-$1,000 per month  ARV of property is $60k53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5%Mortgage payment including taxes & insurance= $436/monthCashflow= $900 - $436 = $464 gross cash flowRemove 20% for cap ex/vacancy/other expenses (round up)= $100Net Cash flow= $364 monthWith the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k.

I did an excel calc based on the quotes I received and my prices are coming to about $300 per sq feet all inclusive. 

I’m approved for an sba loan but is not enough to purchase the land and build a 6,000 square feet building.

The square feet is above the square feet as the property I am running comps for but not 1000 feet more.

It certainly would be a good way to get our feet wet in renting before we commit to a long term lease. 

I'm a newbie just getting my feet wet.

Eventually Mom got back on her feet and moved out just as things were hitting the fan in the real estate market. 

First flip , so something to get our feet wet and profit

@Jason DiClemente, this is my first rental property and placement of a tenant, just need to dip the feet in first before I splash in.

We are renovating our rowhouse basement in and will be digging down about 2 feet to achieve 8-foot ceilings and need to underpin.