Our plan is to sell or refinance within 15 months targeting a sale price of 3.5 million.This property is two blocks from the beach.

@Dan McGrew every now and then when I advertise a unit I get an email similar to this saying a requirement is illegal, and it is not. 

Adjust for any old/new contracts you're removing or addingG&A (Advertising, Office, Software, Etc: T12 adjusted for any old/new contracts you're removing or addingReserves: $250-$350/unit multifamily; $0.15/sqft commercial; $1.00/sqft commerical TI'sTotal Expenses: Sum of all above expensesNET OPERATING INCOME = Project EGI - Total ExpensesProceed to look at multifamily / mixed use sale comps and make judgement call based on (i) going in / exit cap rate assumptions, (ii) $/unit, (iii) $/sqft, (iv) etc.

If you self manage they will forbid you from using the Margaritaville name in your advertising and your guests will not be allowed to use the resort pool.

I normally find properties close to the 1% once stabalized.More or less, I recommend targeting tertiary markets that are 45 min to an hour outside of Boston with a large concentration of multifamily. 

@Mike HaworthIn situations like this, I also skip-trace the residents on either side of the target property.Those close neighbors can be a goldmine of info on resident history, any recent comings and goings, and last known contact info. 

So if the notes currently $2.3 million at 8%, the current ow er can advertise the property for sale at $2.8 million with $800k down and $2 million loan assumption with interest rate of 10%.  

budget 25k target rehab 6 weeks.

Figure out target price of replacement property.

The criteria varies with each market.. for some markets it has to be a 3+ bedroom + pool,  for many places it's absolute gold to have at least a mother in law suite but best to have 2 or 3 small units, etc etc..There are a ton of seller finance opportunities here as well (not many actually advertise it but they're open to it once you chat with them).