Nice @kasankelleyI always try to calculate my repairs on a rental so the end result will bring me 20% return on my renovation money. 

A turn-key property I'm looking at was recently fully renovated and is now listed for sale at $165k.

Of course we would look to purchase further houses using this method, each time combining 5 deposits/leveraging other properties to put a larger dent in the loan that would be possible if I was investing by myself. 

The NC home sold for a lower price point but the PITI was within $5 because these larger builders are now selling off payment just like a car dealer.Those value numbers will skew the conversation as well.

We are builders also so was wondering if we should start with an 8-12 plex before venturing into a larger apartment venture. 

I am planning on renting out two rooms, so my rent will be less and I will have a larger amount of cash flow obviously every month.

I used to be a large real estate investor in Oklahoma and Florida.

I was uncomfortable buying homes for $125 when I was able to buy better homes that were larger and in better neighborhoods with better lots in the high 80's to mid 90's.

It doesn't make any difference how many books you read or podcasts you listen to, you'll still make mistakes... but it's better to make mistakes on a smaller project that you can learn from and then use those mistakes to be more successful on your next larger deal vs starting out with an apartment building where the mistakes could potentially bankrupt you. 

We want to give the buying partner a larger share so he essentially has no out of pocket expense.We want to ensure that we do everything above the board.