.-6-units fully rented ( 2-1bdr/1ba, 4-2bdr/1ba)-Sale Price to end buyer = $420K-Yearly rent = $72K-Yearly expenses = $21K (includes taxes, utilities, insurance, garbage, exterior maintenance)-NOI = $51K/yr-CAP Rate (NOI/Price) = 12.14%Please let me know what you think!  

They are supposed to stay until the insurance can rebuild their home.

Since you are flipping your best bet is the insurance approach.

Sure, there are some advantages (MLS access, acting as your own agent) to holding a license but there are disadvantages as well (you're held to a different legal standard in deals).  

To insure success, follow what Brent stated above...Be SPECIFIC !!!

If you find a green agent, you can use the standard weasel clauses to fool both him and the seller.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

Insurance is probably too high.  

We do all renovations , we are fully LIC and insured , in Brevard county ( we are looking to expand )My husband has been in construction for well over ten years and I have been buying and holding for 3 years .

If you convert your home prior and decide to rent or live else where in the interim, then decide to use FHA to qualify for a new primary you can use the rental income with out restrictions of the 100 mile rule and still qualify for FHA.Their (FHA) guidelines are rigid, but with proper planning you can adhere to the guidelines and accomplish your objectives while avoiding the unintended consequences of the rules.Best practice would probably be to wait a few months after moving till utilizing your FHA loan to obtain another property.FHA does have a max of 7 financed properties including the FHA insured property (6 rentals + 1 FHA primary) so it looks like you're riding up to your max with the current of 6 financed properties.