LOLHoly smokes, 200 checking accounts? 

There's too much smoke & mirrors in REI and, btw, you don't need an REI guru or tutor -- your ability to find significant issues and solutions has nothing to do with Cliff's Notes!

I am still running numbers to see if this is even a possibility, as it looks like the property would be a complete gut due to the smoke damage throughout the home.Thanks, Andy

And this using a 203K FHA loan in the brutal market of Boston, on the east side of the Port Norfolk bay area.Facts & Numbers:2 beds & 2 baths on each of the 3 unitsPurchased for $655K @ 5% down-payment and a generous dose of 203K closing feesTaken a 30K cushion for the 203K streamlined rehabLocked in 4.25% @ 30 year interest rateAppraised at 750KThe numbers are certainly not the exquisite definition of what a ground-breaking deal stands for, but they certainly fare decently well in this seller's market where cash investors rule, the inventory is constantly challenged and most properties are getting sold for over asking price, taking advantage of the current interest rates, the Everett Casino construction, and a few other speculative but pragmatic plays.Just like most everyone else that was not raised or surrounded by real estate professionals from a young age, this deal was pretty much riddled with small mistakes here and there, from neglecting the fire department smoke and carbon detector regulations, being over-optimistic on the underwriting guidelines, underestimating the cost opportunity due to all sorts of processing delays, and you name it.Currently free from tenants, the expectation is to add value by rehabilitating the under-developed basement, adding 2nd and 3rd floor balcony decks, and a variety of practical and aesthetic fixes.

I have been a real Broker in Southern California since 2003 and I can tell you first hand that prices here just do not pencil, unless you can find a REALLY SMOKING DEAL.

It is a measuring stick made up by people on BP who most likely buy complete junk in really crappy, non-appreciating markets where there are so few retail buyers the majority of houses are sold to out of state investors thinking they are getting a smoking deal because they only see .5 to 1% rent to value ratios in their own market.I'd go as far to say I have conspiracy theories it was developed by a few turnkey providers lurking on here to push their product.

So yes sometimes it no problem to wait 2 years to get a smoking deal.your team in Indy I know personally they are all quality people.. so congrats and here's to doing bigger deals as you grow your business.

(Note I don't ask whether, I ask how many)Do you smoke indoors or outdoors?

For the most part they are looking at safety issues such as making sure all fire/smoke alarms and carbon monoxide detectors are functioning and interconnected where if one goes off so do the rest.  

@Brandon Brown  thanks for that reco - I'm going to check out that podcast@David Song good points - will run numbers taking closing/marketing costs into consideration, hadn't really factored that inOverall, I'm not seeing any smoking deals in Atlanta so I'm thinking to perhaps hold until we find something 1031 worthy - otherwise the tax hit makes selling costly.