@Wes Blackwell Great points and I tend to agree with you from a common sense persepctive.

It was fixed and just closed on 6/14/18 for $759,000.Breakdown/Deal Numbers:Acquisition Costs (AC): $525,000- Purchase Price: $510,000- Closing Costs: $15,000 (hard money points and fees based on $408,000 loan amount)Rehab Costs (RC): $80,000Monthly Mortgage costs: ($2890 per month for 6 months = $17,340)- Utilities: $600Selling Costs:  2.5% (as a Broker I listed the home myself and saved the other 2.5%) Sales Price (SP)  $759,000 closed 6/14/18- Commissions to Selling Agent: $18,975-Selling costs (property taxes, title, escrow, etc) $8,000Total Net Profit: $109,085 – Taxes & Any Additional Selling Costs- $759,000(SP) - $26,975(SC) - $17,940(HC) - $80,000(RC) - $525,000(AC) = $109,085Before:After:Thank you for reading.

I feel that I can utilize their strategy in my everyday life.

@Scott Anderson In NYC we have employees who take out the garbage weekly and clean the building halls and common areas frequently so I expected something similar for these apartment buildings.

It was the “90 Day Challenge” episode titled: “How to Buy Your First (or Next) Rental Property by the End of the Year.”For example in the sections regarding checking a property out they talked about due diligence items like calling utility companies to check for outstanding debts or checking the property for liens.I plan on working closely off of this episode but I figured I should check the forums first to see if anyone has seen an existing checklist like this anywhere that I could build upon?

That is the biggest problem with this deal.What you are trying to do is commonly called the BRRRR strategy here on BP.  

Usually this feature of the 401k would be utilized when you have some personal short term financial need and can pay the loan off within few years.

If you want to contact me I can share with you the statistics of how much more profitable, less risky and less cash to close are the deals we fund from those who utilize this system verses the ones we fund for those who do not.

If it is owner pays utilities you might want to adjust those numbers.I do not know what the property list price is (if it is even an on market deal) but a purchase price of $725k then $80k in repair, yet you stay at an ARV of $725k?

I once upon a time was a Loan Officer so I understand a little bit about underwriting a loan and I just keep to "good common sense".