What returns are you looking for/ how are you modeling the deal?

But it, rent rooms, Fix it up. 

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

He asked me to fix it up and sell it, and then he'd let me keep the profit.

Do you stay at the sketchy looking log cabin for 300/night or do you go for the super well done cabin with a pool table, sauna and hot tub for 450/night - oh and they have a ton of reviews and listed as a super host.if you want to have steady cash flow and steady returns to INVEST into real estate then ditch the idea of MTR and STR and get a LTR in a decent areaIf you want to own a business than go for the STR or MTR model.

I am not familiar with any HML on a fix and flip that would not want an appraisal as well as an estimate of costs.

15year fixed rate loan How did you add value to the deal?

No one's income is fixed.

I would recommend pursuing some sort of rehab financing to fix the property up and maximize rent asap.

Investment Info:Townhouse fix & flip investment. 26 Pilling Street is a multi-family townhouse located in the Bushwick neighborhood of Brooklyn, New York.