Very well connected in the area and a great reputation for quality work.

I had to have it remodeled before it could be rented. 99.999% of the time this method works though. 

Scheduling/managing subs and knowing what to look for in terms of the quality of their work are things that require experience....that's the value a good GC brings.  

What are the permit requirements, if anyWhat quality level of finish do you need to hit in order to make it match the demographics of the neighborhood These will all ply a role in determining if you’ve got a winner or a loser.

If you're buying much quicker than that, I fear you might not have had enough time to do enough due diligence.The problem with your current method is that it leaves no room for error and is dependent on everything going right. 

Chris Gordon When analyzing an asset whichever method you use is a forecast as you cannot predict future cash flows or values.

I am not a CPA, so check with yours first, but I believe you are able to file a forms 3115 and 481a (change of method of accounting) which allow you to claim previous year's depreciation without actually amending previous years tax returns. 

They are both four family properties in desirable locations (quality tenants).The purchase prices are $349,000 and $290,000. 

HELOCs do have significantly lower closing costs but if you use one for the down payment, you will need to have a method of paying it back relatively quickly. 

3) Due Diligence (Local help in evaluating zoning requirements, quality of neighborhood)4) Contacting Owners (Filtering owners who are interesting in hearing an offer)5) Making Offers (May be making 10-20 offers a month, low yield)Is it likely that I will find skilled agents or professionals who will put in the work with me?