When I told him that the values were't the same (new property double in price), he said it didn't matter and I'm stuck with depreciating the same basis as the old property.

It's possible that the proper operator could double or triple the income of a previous operator if done right (or if they were doing it wrong). 

That is not the case here.Note if you used the 50% rule to estimate NOI, the cap rate would double but that still would not be good enough for me to consider purchasing.Good luck 

Always double check what wholesalers and turnkey are telling you.

Always include this in your underwriting, even if you plan to self-manage at first.If you're doubling the value of the house, you should expect your taxes to rise commensurately. 

Anyone in the area familiar with any particular banks/lenders that would be able to rival the FHA down payment optionsUp to you if you want to take a double digit interest rate, but that's basically what you are asking for. 15% down is the minimum required by Fannie Mae for a SFR investment property.

They can raise their rates whenever they want and each time they do it is a double whammy. 

Double that contingency budget!

This is an accidental double post. 

I was looking at a large one recently that was almost double that price.