I worked with developers and contractors for many years and the best way I saw this type of situation proceed was for the individual to partner with a mass homebuilder - depends on how big the property is - and also partner with a GC to install the infrastructure to the specs of the homebuilder.

I have done quite a few brrrr, but the market interest rate results in large negative cash flow when properly allocating expenses for a sustained hold.  

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

It falls short of the 1% rule which with current rates is not sufficient in most markets to have achieved real cash flow after properly allocating for sustained expenses. 

I just wrote an offer for full asking price at 30 day close, with a contingency to extent at BUYERS choice for 30 more days if I don't get an favorable response on the electricity install costs.

its one thing I noticed when I am in Charleston SC inspecting my new  builds there is very  few if any homeless or pan handlers in Charleston proper..

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Not interested in installing new flooring or new windows.

It wasn’t how I wanted to kick things off, but I worked with a contractor to get the bathroom fixed and functional.Once that was behind me, I focused on improving the building and maximizing income:I installed a shared washer and dryer for the tenants, a major upgrade that added convenience and increased the property’s value.I rented out the two garage parking spaces, bringing in consistent revenue.I also raised rents for the second- and third-floor tenants I inherited to be just below market-rate.

My updated expected monthly rental income will be $2,800, resulting in a cash flow of $795 per month (excluding my share of the split utilities).I plan to set aside at least 80% of my cash flow for property-related expenses.Additionally, I’ll be installing keypads and security cameras for enhanced safety and operational efficiency.