The fix was a 6" roll of that tape and a couple of hours of work.

This numbers below are for a 12 unit for sale in upstate NY.Based on rent roll 2% rule means we should look at a purchase price of around $400K.

There is actually another thread going on right now about a guy getting a cease and desist letter from the local police.

That sounds pretty much standard when he didn't roll the rehab cost into the loan because he will have to go for as is value or less.

On the day this property came on the market, I received a phone call from one of the bankers with a thumbs up on a construction loan for $85k as a second home property for six months, at which time it would roll over/refinance into an investment loan.

Do what is cost effective for you and roll the savings into the next deal, unless your planning on living there a long time the investment would be better.

A difficult one that requires time and money to get rolling.

In Atlanta, I paid $4.50/sy for rolled vinyl flooring (mid-grade quality) and about $4.50/sy for installation.

I assume you can roll paint, so while you have these contractors lined up, as them what the cost would be, see what paint costs along with your materials and consider your time, doing this may save you some money on small things you might do yourself, but you can present the bids and the appraisal to base your offer on.You also need to explain that an appraisal is an estimate, not a true value and that you need to make a reasonable profit if you are in the business and justify your offer.Saying older lady doesn't mean much, if she is elderly I suggest you take some additional steps after you get a contract and that is to involve some center of influence, her kids, her attorney or someone who may advise her.

Then either just keep just the 6 mortgaged and the other cash purchases, or roll them into the blanket loan to continue buying more until you reach your goal/comfort level.