It's way easier when you have a turnover.My wife could manage this and she's hands off with the tenants. 

It take more than 115k for a full gut reno on 1000sqft in philly. lol

The InvestRE360 Mastermind will meet on the 29th at noon in Idaho Falls, the East Idaho REIA will be February 19th in Idaho Falls at TitleOne at 5:30pm, and the PokyREIA in Pocatello should be the first Tuesday in February. 

There are 4 Single Family Homes built on the site. 2 are built-to-sell and 2 are built-to-rent.What made you interested in investing in this type of deal?

If your friend is unwilling to pay that then move on.

One huge benefit of a private/HML loan is the strength of making an offer when competing with cash buyers.

A and B tenants, usually need more hand holding and expect more because they assume that they are entitled to it because they are paying so in rent. 

At the time, his offer was low, and I had potential plans for that space, so I turned him down.

Are you focusing on long-term rentals, or are you still exploring different investment strategies?

We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet.