However, the two strategies can be combined and applied together by buying a distressed property and living in one unit while fixing the rest.

I agree, part of my dilemma is the thought I could be buying at a peak.Eric:Property #1 Value: $220,000Property #2 Value: $215,000Right now, I've got a combined (with my wife) income of $100,000 +

@Jay Hinrichs this is the modern day "the real winner was the guy selling the pick axes during the gold rush" well done!

Lead paint has a distinctive flaking pattern compared to modern paints. 

I'll be doing a combination of all three.Of course @Lesley Resnick recommends expensive jewelry, but I think that may get me in trouble with my wife!

I like maintaining one month rent (8.34%) for Vacancy and hope for 3%.  12% - 15% combined for CapEx and Repairs depending on the age, current condition, and type of property.It still may be a good Buy and Hold deal.  

If they could get out of their own way of their own regulation or reduce them for developers and charities to be able to build housing from say shipping containers,  or in older commercial buildings without having to do a full upgrade to modern standards.   

From the money side of thing, it makes a lot of sense since its cheap, highly customizable, modern looking and low maintenance cost due to steel frame structures.Once we are done with the first big project this year, the following one will be simple and we plan to do more with right amount of funding. 

So if you combine all the apartment values would the ARV be 1.7mil?

I purchased the Property January for $220,000 with a combination of hard Money 198,000 @ 9.5% + 2 pts.I have a private money loan @ 60,000 @ 8%.