Purchase price: $7,425,000 Cash invested: $2,200,000This walk-up, garden style property was built in 2001 and is comprised of 90 units in Winter Haven, Florida.

Not sure if it has already been mentioned, but having a seasoned multifamily investor on your team would help immensely, both for the operating and loan experience.Be definitive in your criteria in terms of units, class, value-add, garden style/mid-rise etc.

Property numbers:Purchase price 397kDown 20% conventional ~ 80KBy end of May after adding some furniture, garden and landscaping we will have 20K in improvements.All in all 100k invested.Expenses:P&I insurance etc. 2k a month.Bills about 300 a month.Airbnb license 250 annual.Income so far:Expected 26k in booked reservations and more to come.By end of the year I will have positively cash flowing property with over 100k equity build into it.I wouldn't have any of that if arbitrage but it would be very lucrative.On back ground we are trying to get a garage and small apartment above added to the same piece of land and refi by end of the year.

However, it takes less effort to create/keep a decent team than it does to do this with no team or a poor team.Team for maintaining (not including acquiring) buy n hold rentals should include: handyman (use him do everything he is qualified for as it will be cheaper than contractors), plumber (for items beyond the handyman), HVAC, painter (my painter on larger jobs is faster and price competitive with the handyman), popcorn ceiling remover, laborer, gardener, cleaning crew (low cost and good that can be booked on a week or so notice), mortgage broker (even in not acquiring you want someone looking at lower rates as well as potentially pulling money out), RE lawyer, a tax person. 

So, the exact same people who complain about the undocumented workers use them every day of the week for gardeners, to clean around their homes and for every construction service when they pick the undocumented workers up at Home Depot.

I would also check out Spring Garden Lending for any refi needs you have as well.

The incremental cost is not that much more than building a minimal size ADU.Here is what I see as an interesting ProjectCity of Orange, Tustin, Santa Ana, Garden Grove, AnaheimPurchase Price $750-$850k, 2300 sq ft on 7000 sq ft lot.Convert part of the existing 2300 sqft house [150-499 sq ft] as a junior ADU [Extra bedroom, attic or basement etc] attached to the existing structure - $30-50k in cost - Market rent $1500+Use the 1800 sq ft or so for your part of the house.

From my point of view, getting a 2-unit with a nonconforming garden unit would be ideal where you live in the basement while renting out the other 2-units. 

Hi Mike, I reside in Winter Garden, FL and make it up to the Ocala area a few times a year.

e-commerce store selling random stuff ranging from bamboo toothbrushes, designer clothing, and mini zen gardens.