@Bob Faulis Not only you have a couple of people reading your updates, you actually made me create an account here and start thinking about getting into this industry after having a really bad experience with the market crash, that led me to go into other industry (Recycling Industry) where I'm doing OK at the moment, but maybe I should start to diversify my sources of income.  

Also the blue plastic and the cardboard structure underneath it is an eyesore, I don't know what it's for but if it's a camouflage like for the trash and recycling bins I would build a partial fence structure with a opening that you can close to hide those, and to match the fence around the the property.  

Here are some of the key stats:Purchase Price: $2.8MUnits: 100Unit Mix:50 3bed/2bath's @ $580/month50 2bed/2's @ $425/monthFinancing Approach:80% Bank20% 10% down payment10% seller financing @5% with a 5 year balloonConservative Annual Financials Financials:-15% vacancy-Rent potential: $618,000-Property Taxes: $30,000-Insurance: $21,000-Maintenance / Repairs: $60,000-Water / Utilities: $68,000-Advertising: $4,500-Property Management: $52,530 (management fee and employee salaries)-Garbage and Recycling: $15,000-Landscaping / Pest Control: $18,000-Security: $5,000In summary:-$525,300 gross income-$273,030 total expenses-$177,396 (5%) annual mortgageoFirst 5 years: Seller financing repayment on 10% of purchase price @ 5% interest rateOpportunities:-Sub metered, but water is covered by current owner (~$55k)-Increase rent on 2/2's to $485We would love to hear your thoughts on the good, the bad, and the things we haven't considered or simply answer any questions that you have.

Its really the low end product that gets recycled like this.. the new buyer will do their thing and new owner will come in and the cycle repeats.

It allows you to recycle your seed money by purchasing a property below market, getting it rent ready, renting it at a price which allows the property to cash flow even with a higher mortgage and then refinancing at the now higher valuation to get your seed money out and available for the next project.   

Same with making sure garbage or recycling are properly sorted, otherwise, you get a fine! 

@Jeff Schemmel I recycle by forcing appreciation to the point that I have 25% equity!

Then take all the profit and recycle that back into the down payment on a second property - possibly using asset-based lending.

This way you can pull the down payment out at the end so you can recycle the money to buy a 3rd and 4th house. 

Refi LTV is usually 75%.I have been doing BRRRR's for over a decade in Milwaukee and it has gotten very difficult in the last years to recycle cash; I left a substantial amount of money in every single project over the last 2 years.