If a good rehab target makes it past the Owner Occupant Only time frame, it usually goes under contract in about 72 hours.

well it really depends on the timeframe that you are working with and how credible your buyer is.1- shorter timeframe - challenge the second appraisal2- longer timeframe - resubmit the loan through a different lender, since its FHA they can still use the first appraisal, and then you order another second appraisal.....Appraisal is not an exact science, more than often it depends on the appraiser that you get.

Once the form and contract docs are turned in, funding generally takes 1-3 days.So, in terms of time frames, expect 1-4 weeks to get the new account set up and the funds rolled over.

If a typical project lasts about 6 months (it may if you're just starting out), and using the formula above he were to get 25% of the profits, he'd be earning about $4K on his $15K investment in a 6-month time frame.

On depreciation, be sure to depreciate the personal property and land improvements you install over shorter time frames than the rest of the house, as you're allowed to do.

Here are the expenses (annually):PITI : $7,800 ($650 per month)Property management : $3,300 ($275 monthly)Vacancy factor: $1400 (2 unit, 1 month per year) – highly sought after areaRent loss: virtually non existent – good tenants with good creditTotal of $12,500 in expenses per year not including capital expenses$33,000 - $12,500 = $20,500 per year (minus capital expenses)This would make my expense ratio around 38%Am I forgetting anything here?

I find that small inexpensive properties that rent for $550 to $650 per month are mane able for the majority of the renters I have encountered in this area.

You will however, want to be sure the property is kept as a rental for at least a full year before you move in(this is based upon intent, there has not been a specific ruling as to a required time frame.

.$700 in expenses is about 5%... most use 10% though if you go through a full gut job it should be lower for a few years... remember this is an old building though.

Has anyone had success searching for so many properties in such a short time frame and if so how?