so long story short, I had an A/C leak... got the leak fixed but the water that cane out got under the floors.. the tenant put in the request to my PM and my PM’s flooring contractor estimated a total of $1900...

Part of that rehab is that the units are currently two bedrooms but HUGE so we are turning them into 3 beds AND putting hvac that runs into each unit and sub metering water so that the tenants will pay all utilities. 

He has a solid network and system there, since he has 100 units.

@Jon Underwood Fair point, I just saw this as a cautious way to test the waters.  

The back-up plan is to simply flip the property and take the cash out now for the next project.The Project (2 unit Multi-Family):Acquisition/rehabLand Acquisition:     275k (I'd use my cash to buy)Hard Money Loan:  100k (I might use my home equity line at 4% APR over 20)ARV:                           465k (This is my best assumption based on other comps)Refinance:                348,650Cash out:                  26,250Income:Rent:                         1800x2 (This is conservative)Capex/Maint.          300x2Expenses:                400 (water/trash/electric/sewage/insurance)Using these numbers the property looks like it generates a COC return of about 30% per anum (on the 26k outstanding).

-BRICK BRICK BRICK only-Warranty Deed (never QCD)-make sure the block is decent (minimum vacants, owners vs rentals, pride of ownership)-check back water and delinquents taxes (https://pta.waynecounty.com/Home/PropertySearch, http://www.detroitmi.gov/dwsd)

It is really a system that cannot be replicated with traditional fiat currency, as fiat would require some sort of 3rd party to transfer the funds to and from the deposit account.

Just make sure you have some kind of water proofing to prevent that happening again. 

I use RTAs from Kitchen Cabinet Kings.Flush hot water heater between tenantsUse drain enzyme to clean out drains between tenants to clean old plumbing lines.Use a powdered boric acid based bug killer before tenants move in to keep bugs in check.Use stainless steel and ceramic for sinks.  

I'm pulling the trigger to submeter water and sanitation at an apartment.