You'll probably never see anything remotely like that in a hot market, but here in the rural rust belt you can do it all day long.

Maybe the CU business mgr is a belt & suspenders kind of guy because the commercial mortgage broker I met with seemed less concerned.

@Tony Kohnle  well I was being somewhat factious  I work in the cash flow rust belts so I understand the west coast landlord mentality better than most since I have been funding that stuff for almost 20 years.. there is this mind set that cash flow is nirvana and appreciation is for fools..

As Colin noted, you want to be serious with the contractors and have the property under your belt. 

You might want to JV with another person to get some experience under your belt.

There isn't any rent appreciation or property appreciation anywhere in the Rust Belt states. 

Like wholesaling if you in the markets were there are literally thousands of derelict homes and tired landlords and owners its much easier to wholesale there than in Hot markets with with no excess inventory.. there is always deals even in the most expensive areas like SF  Honolulu NYC WA DC etc.. but its not like the rust belt and mid west were bar to entry is quite low as well as home prices.

I would like to get a few flips under my belt than start to buy and hold. 

Very efficient.Chances are the older system has substantial duct loss and should be tested.Mini splits have their place but cold air is heavier and drops so the bottom floor doesn't make sense.Electric motors do not raise in load consumption as they age, it's the mechanical work done that raises load, typically deferred maintenance on belts, shives and pulleys.I'd disqualify HVAC companies by asking; Are you proficient in the new Manual J,S & D standards (that will be required in the industry moving forward)These companies will understand laminar flow, stratification and static airflow imbalances that have a great effect on efficiency, operation and longevity of a conditioning system.Get 3 estimates, compare scope & make sure its permitted.

I never expected to be rich, but I certainly expected that as a special ed teacher with 6 years under my belt and 4 years of administrative experience as an academic dean in private schools, I'd be making more than $35,000 a year.