Keith -  MegaCorporations that are health insurers/hospital/family practice/everythings that gobble up a city and literally buy up all the doctors, change the insurance rules to screw everyone but themselves, and the paperwork...don't get me started.  

I've read that the 2+1 rule is unwritten law, but it seems like that's not a hard law anywhere.I have a 3 bedroom 1 bathroom property and had an applicant that wants to move in with 6 adults total and two children.

I don';t have conversion stats on this improvement, but the high equity and over 50 leads and vacant looked like better leads than my prior mailings.  

It's not a bad idea to flip a house that you don't live in, while you continue to rent.Another option would be to use "house hacking" - buy the house with a standard or FHA mortgage, live there while you make improvements, and sell ASAP after completion.

While the 1% rule seems to dominate our market pricing, many of our turnkey assets do much better. 

Each bank has it's own rules, but if the LTV hits over 80% they could call it in, but I would not count on it as markets move over the season, so they likely need a larger move.

They were definitely tired old units that I have improved the value of by remodeling and upgrading. 

Can you have a look at both of these worksheets and let me know if you believe any of these assumptions are off from a general rule of thumb point of view.  

While nothing is perfect, our models have undergone 34 years of improvement and refinement, so we’re pretty confident that they’re reliable.So yes, Excel is the essential ingredient, but I would submit that there is indeed a difference between a basic Excel spreadsheet and an Excel-based program like ours.

Your basis will be what you paid for it plus any improvements or the fair market value, whichever is lower at the time it was placed in service as a rental.