Scope-The International Property Maintenance Code (IPMC) is a model code that regulates the minimum maintenance requirements for existing buildings.

Paul, if you were to expand to a comparable city/state with your business model, where do you think that would be?

You will need a business model.

Did you read this article https://www.phocuswire.com/Expedia-HomeAway-marketing-model-strategyThoughts?

A - Invest $100, add value to $120, market corrects to $100 in year 1, but you achieve an 8% return from cash flow and principal reduction.B - Invest $100, add value to $120, market remains as-is (or it takes longer to correct), you achieve target returns of 15-20%C - Invest $0, earn $0.Substitute appropriate figures...just trying to generate dialogue.It's hard to model things like a market correction or rising cap rates, get excited about lower returns, and make a purchase but idle cash and the war chest strategy (scenario C) can be costly relative to scenario A (except with an appreciation only/market timing strategy...let's ignore that one for simplicity).Many of us have analyzed and turned down a ridiculous number of deals and we see a lot of posts about waiting for a correction but the math seems to suggest otherwise if investors are adding enough value (and generating cash flow, using long-term debt, buying in solid locations, or investing for the very long-term).  

I love Dan's model and hope to move that way in the future.

Demand is always in the rent.My model is selling multiple properties that are vacant whether renovated or need renovation so investors buy for the correct usage of the property but are able to add value when occupied/stabilized. 

I have built out my own real estate financial model, that I have let other investors vet and use on their own deals.

You could do some damage in Birmingham & the other markets I mentioned where the entry & cost of living is lower using this model. 

The more deals I analyzed, the more I refined my spreadsheet, the more accurate my calculations were getting.During and after my first deal I learned a bunch of stuff and further refined my model so my expected outcome would better match reality in the future.