Purchase price: $85,000Rehab: $60,000 All-in: $$145,000Current ARV: $180,000I just refi'ed and was able to cash out $135,000 so a little cash got locked into the property.The house literally needed everything from foundation repairs, to a new roof, all new plumbing, electrical, and a full interior gut.This property was initially 1600 sf, but it had a courtyard patio (house had a U-Shape layout).

What is your initial plan, other than deciding on SFR or MFR?

Initially I wanted to do the 203K FHA loan, buy and fix and gain instant equity.

I will say that you more or less have to keep up with air B&B to keep that property cash flowing.If you intended on living in it, I would say its probably a pretty decent start.Be a little careful on that stretch, some of it is pretty good, some of it is a little sketchy.Having owned a duplex pretty close to there, I would guess (without running the numbers), that the initial return would be just so/so. 

@Amy Herzing I was replying to you initial post.

@Matthew Shay   Hello Matthew,   It really depends on a few variables such as initial cost of the home, repairs, location and rental comps.   

Hi, My initial dive into real estate investing was converting a primary residence into a rental property when we bought a new house.

I don't have 20% to put down (could maybe put 10% of total cost), so I had initially through FHA (I will live in the property) construction loan, however now I am realizing the FHA loan only allows financing for 1 unit dwellings.Does anyone else see a way to do this with low money down?

@Odie Ayaga Hi Odie, initially the owner was open to the idea until he gave it more thought and informed me that each of the 4 properties had about $30k of debt on them.

Initially I see a tenant who has had free rent for quite some time and who needs help.