The property originally appraised at $475k when we purchased, $115k more than we paid, after our hard work the property appraised for $550k and we refinanced to repeat on another property.

@Peter Dukaj personally think the government should make it more expensive to build than renovate.

Loan interest is not an expense used in arriving at the NOI, therefore interest rates don't directly impact the cap rate analysis.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.  

In the event that the property does not close, the seller has paid for the repairs but they have the repairs.Go luck. 

If I can find a property that just needs cosmetic updates, covers its expenses, and leaves a little extra, I’m interested.

Profits during the partnership can be shared based on the agreed equity split, with income and expenses reported via K-1 forms. 

We are still seeing Reno as the place to be right now and Sparks is also getting more expensive. 

Even if you rent the house for $2,000 a month, you will still lose because of maintenance, vacancies, and the expensive mistakes common with newer investors.You can borrow up to 70% of the equity.

Do it yourself with TurboTax (or similar software)If your rental is pretty simple (one property, basic income & expenses), you can learn the basics and still save money.