I can't tell you how many times we've gone after a deal, seen someone pay FAR more than we were willing to, and then receive an offering for it with much more aggressive projections that I'd ever be comfortable with. 

@Sean Jany A couple things jump out to me looking at it: 1) your closing costs seem low, 2) the monthly projected income seems off compared to the property description, are you running your numbers based on it being fully rented out (even though you'll live in one unit)?

She would serve as my agent in the acquisition, project manager for the rehab and then pass me off to marketing for getting a tenant in.

Someone who has handyman skills and who could do rehab/handyman work, a little project management and GC type work as well under my general supervision.

Single Family Home (East End Louisville)- Originally my primary residence ($209k)- Property is in our personal names (not in LLC)- Comps in the neighborhood are $285k- Built in 2002- In well established  neighborhood w/ middle income families- On 15 year 2.99% mortgage w/ 8 years remaining and $115k principal balance- Currently rents for $2,185 month/$26,200 annually- NOI $16,320- Cashflow $4,500/annually - $12k principal pay-down annual (current year)- Currently getting less than 3% return on our equityOriginal goal was to not cash flow but pay off property, allow appreciation, sell property at end of loan and use capital for additional projects. 

I was planning to budget the renovation at 35k capping the whole project at 100k.

Where if the project goes longer than anticipated you will be paying a high interest rate for a longer period of time due to using a hard money lender.Hard money lenders look at your track record and want to understand your experience level.

I am working on a commercial project in Kansas City and am in need for some architect referrals.

And then do the bigger project next spring/summer.

This is just the latest in an arduous process, to find the deal under market value on the land, rezone it to multifamily district (long and costly process), permit a six suite rental (difficult with many technical fire code and structural engineering challenges), build the units (using all my experience in home building and every possible favour and technique learned over the years to project manage), get financing to finish construction (from a private lender after the bank lenders totally dried up on this type of financing), and pre lease the units while under construction to quality tenants.