This allows the Board to spend the funds on anything, and if they do, the owners would need to restock the reserves!

I also helped my mother get 2 rentals to help supplement her retirement, mistake #1b.

When analyzing properties, it's helpful to run a rental stress test to see if the deal can withstand unexpected challenges.

He will definitely help set you up for success! 

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Quote from @Drew Sygit: @Mike Terry your post is confusing!

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

😊This is very helpful - thank you. 

I don't know the Baltimore market but have a friend who is a very savvy investor there and maybe he would do some coaching to help you understand which way is up.

Hey @Reeti Peshawaria, so this is always a challenge when you have a whole country to decide from.