Purchased a new construction in my town - (Gallatin, a suburb of Nashville TN).

@Navjeet Singhwhere is it, what is purchase price, what's your plan for it?

We are looking into purchasing cash and do some light updating but the county records shows as a 2/1 but the house is actually a 4/2.

Bars will be on the windows (crime reference above).Don't be surprised if your cheap purchase costs that much or more to repair as your repair costs will be much higher than a home built with more modern materials, such as in the 1940s-1950s.

If you already have 15 rentals I’d obviously take a $200k cashout refi on one of them and use that for the purchase.

Hey Jacob,Hiring a real estate attorney can be a smart move, especially for navigating the legal complexities involved in purchasing foreclosed properties.

That would probably net around 4.5-5% cashflow plus appreciation given my overly simplistic formula for cash purchases. 

I am baffled since we spent so much time together purchasing the property in the first place. 

They didn't even last 18 months before selling it to someone getting started in the PMC biz (who got screwed on the purchase). 

There are only two reasons to get your license:-Are you doing at least 10 purchases/sales yourself every year?