I'd build at least 3 units. the DSCR loans we underwrite get 1.6 debt coverage and because we build under 4 units they have so many exit strategies depending on which appraisal method goes for more. 

One of the buildings where I have a condo changed from coin to card operated laundry and they really liked it. 

Mike,If you are not going to cover your belongings and the parts of the Building you ar responsible for, another avenue to try is to see if your Homeowners policy can add that location for Liability only.  

People would say things like cash flow, seller financing, Self-Directed IRA, etc. and my eyes would glaze over.RTR Academy starts at a basic level and builds you up to where you need to be for a successful endeavor into real estate. 

I was never involved in the business and don’t have any background in real estate to build on.

In terms of the building you are under contract on, is it brick or frame? 

The drive is a horseshoe shape around the back of the building (only one building on the property).

A drywall guy once told me that a quick way to calculate a whole house worth of work is to multiply the living sq footage by 3.5 then divide that by 48 sq ft ( 12 ft drywall ) and then multiply times per sheet cost.This is probably more applicable for new construction or full gut jobs.amazingwe did a new build last year & using your calc it was very close except we did 9ft ceilings & 1/2" 12ft wallboard.

Now he is currently building another one and i think it is a great investment.

Then you can start to build your team in that area.