This will go over asking and probably by at least 15-20% maybe more.this property needs 500k worth of work. plus or minus 100K. 8-10 months turn around timeExit strategy would be to split the duplex into 2 TIC units.One unit could re-sell for 1.1-1.2 MIL the other 900k-1.0 MIL.On the low end re-sale could be 2MIL and high side costs 600K assume another 200K in soft costs (closing, carrying, permitting, plans, etc) On the high side resale 2.2MIL with low estimate on costs 400K and still assume 200K in soft costs.Would anyone pay over 1.2MIL?

The only new things we bought were the mattresses (Zinus 12" Green Tea), linens, towels etc.

@Jarrod FrankumI agree with @Jonathan Towell Like most college towns, buy and hold is popular due to the high number of college students that are renting.  

Hey Jorge,Great to hear that you are jumping into the game and sounds like you have a good property to start.So the money out of pocket is going to fluctuate quite a bit based on the lender, but no matter what in the HML space, most groups are at the very least credit 'informed', meaning that they would at least do a 'soft' inquiry and a back ground check to decide the terms and the risk of the investment from their perspective.Of the lenders that I work with, there are a few that do no asset seasoning, and that is something that it feels would be VERY important to clarify on the front end of any deal you do.

Cut subsidies for the corn product, meat product, and tax the hell out of them while you at it, tax even more alcohol and tobacco and the soft drink product.

I plan that half or more of the people I sell the home too will move out before the CFD completes so I want to make the small repairs now that will prevent the MH from suffering expensive repairs if ignored.I think from now on I am going to focus on fixing floors where there are holes and soft spots, use killz and cheaply re-seal the roof to prevent leaks, and make sure that the plumbing doesn't leak.

Also I am posting in a soft tone friend voice.

Steve, I can be a soft touch and I have felt sorry for tenants in the past.

I only read the article above, so I might not be properly informed but this is what the article said: "1-- Create a new state misdemeanor crime of willful failure to complete or carry an alien registration document. 2-- Allow officers to arrest immigrants unable to show documents proving they're legally in the country. 3-- Ban so-called soft immigration policies at local police agencies and allow people to sue if they feel a government agency has adopted a policy that hinders the enforcement of illegal immigration laws. 4-- Prohibit people from blocking traffic when they seek or offer day-labor services on street corners."

I live in Massachusetts so I don't know RI to well but have recently started working along the MA/RI border.