Looking to take out equity to finish renovations on unit #4. $4800 cash flow is projected when the final 2 units are rented.

The owner doesn't have the bandwidth to finish the renovation and has put it up for sale as-is, asking $2.5 million. 

Gals and Gents,I have read a lot in the past BP articles and listened to many BP podcasts, it's a pleasure becoming part of the crowd.Let me introduce myself, I am active in the NYC market, I buy a lot of class C properties rehab / convert, rent them out, I have done rinse and repeat many many projects and I am seeing nice returns, not always fully recoup my full investment but I am generally finishing all in at around a 9 or 10 cap!

I finished reading the “How to Invest in Real Estate” by Joshua and Brandon, and even before that I listened to several podcasts.

Will be using a GC for the new build, but after doing 6 flips in Cleveland and running into bottlenecks of how much the GC can handle, I'm wondering if just subbing out each trade would be quicker and cheaper than waiting on GC's who are overbooked and managing over a dozen projects at a time to finish out my own projects. 

I have been doing work to improve the side that I am living in, including finishing the walk-out basement that adds another 2 BR and 1 Bath. 1-1 rate buy-down gives me a 24 month period refinance at either a lower rate, or at a higher value (forced appreciation from improvements).

The biggest advice to keep the contractor motivated is to give them a 10% bonus if they finish before schedule and deduct 5% if they run over finish date.

How are the finishes? 

After finishing the renovations I hired a property manager and started renting it as STVR.

I’m in the process of finishing the basement and adding an additional 2 bedrooms and 1 bathroom.