Unless your in a market like the Bay area were you pay 1.5 mil for the lot and build a nice spec for 200 a foot say 3k feet for 600k  and have 2.1 in it and sell for 2.9  which is common the 15% of project cost work.but if your in a market were lot is 100k   build is 200k and end product say is 350k.. and you pay 30k to the builder that is far to much by double.we hire for flat fee if we are financing the whole job and they are simply acting as GC and have no monetary involvement.  10 to 15k a door. is what we pay.. and if we are so inclined there can be a bonus if we do real well.hope that helps.. careful to tag your jobs to % of gross construction costs you may not like were you end up.

Investing in real estate is something I definitely want to do but I'm worried we will both be too busy working, and will not be able to take care of the property and tenants properly.

Aside from the $21k, do you have to take care of any rehab to realize the $75-125/unit rental raise

We're in a stable and growing market now, so it should be less of an issue.  

I am immensely thankful to BP and this community for helping me get over my lifelong fear of real estate investing.CheersJD  1) Be careful with turnkey providers.  

I buy condos and cash flow great and the Assoc takes care of just about everything so in 5 years I think I have gotten 3 calls with an issue with a unit and those where all very minor things.

How much of an investment are you looking for?

On these older properties, yes maintenance is expensive if you are really going to take care of the place.

They may say no, but who cares there is no relationship for either of you to try and save.If your agent had met with you, had setup searches and taken you in a couple houses.

I would be upfront with the seller about your intentions but as long as you don't have the financing contingency, he shouldn't care whether you or the bank are paying him.