Many of these tasks you mention are part of the cost of doing business, such as periodic painting and replacing flooring (see some of the discussions on products like Allure if you want to avoid carpet issues).I think you have gotten more than your nickel's worth on this paint job and flooring, and even the most frugal landlord would want to redo these at this time (turn over is the ideal time).

If your assumptions are based on how fast real estate values have been going up the last couple years, I would caution you that I do not think the current growth trajectory is sustainable.

Any combination can be used to bend the rules but ultimately you will end up with a standard commercial or portfolio loan if you want more growth.

I would clean out the junk in the pole shed, clean the interior, repaint a neutral color, replace carpet and other light rehab tasks.

Inventory is scarce in Downtown JC (down 29% from this time last year) which is causing major growth in Bergen Lafayette.

@Russell Brazil Yeah it can seem like a daunting task to find a decent Multi-Unit around these areas.

However, I'm two hours away from Pittsburgh and many parts of Pittsburgh are experiencing great growth and revitalization due to a lot of tech companies coming to town (Google for example) and some great colleges located in the city.

We are dealing with a lower class community where high school is the absolute highest level of education and there is little to no population growth.  

You will have a boss, and tasks to perform.However if your motivation is to simply make a good income, the team route can offer that quicker, as you will be piggybacking off of their reputation and in place marketing efforts.

Louis poised to be the #2 area for growth it's a great time to be in St.