I want to build and refinance to pay back the lender and transition to a traditional mortgage which we then plan to pay off in under 10 years combining our earned income with rental income.

The big reason that it doesn't make sense is because there are other houses out there with better returns where the buyer wouldn't have to deal with getting internet, utilities, etc all transferred over just to turn-around have to do a make-ready and re-lease it in under 3 months. 

We had our house rented in under 2 weeks with the new guy.

Fingers crossed/prayers said, we'll come in under the $10,000 budget we've given ourselves. 

But by strategically using leverage, your $55k could get you $220k worth of real estate (at 75% LTV).If your $220k property appreciates at a very reasonable 8% annually, your get to $1M in under 20 years. 

My experience is that the best deals have already been snatched up and the remaining residents have been so inundated with the blanket mailers and phone calls carpet bombing them with low-ball offers that they're unwilling to sell at any price. 

Furthermore, people are inundated with “data” and don’t know what much of it means.

The goal is to make the house look like a million bucks while using the most affordable materials to come in under budget.

Here's my proposed rehab schedule for a 3br/2ba in under 30 days: *I only use supplies in Stock.  

I think the complaints will start coming out of the woodwork now....I visited the code enforcement office in Indianapolis yesterday and a lawyer there said they are being inundated with calls from Morris Invest investors trying to deal with code violations that were never resolved by Morris Invest's PM there.