I started tracking the offers we’ve put in to go back and see what the places end up selling for compared to what I was willing to pay.

That's pretty expensive compared to traditional decking and I don't think you will see a return on your expense.

It's based on comparable sales - what someone was willing to pay (and actually did within no more that 180 days; 30 - 60 days is preferred) for a property that is comparable to the one you're considering. 

You can often get houses like these at a pretty substantial discount compared to the flips that have freshly painted agreeable grey walls and laminate floors.

First off, I am in KY, which I think is currently tied in 2nd place for lowest cost of living in the country, so my expenses are very low, for example compared to North Dakota.

Comps in the area are much higher with comparable homes selling around $450k with same square footage.

3 - If you sold, and had $80k to work with, and used it as 20% DP's on similar properties (that would be 2 properties), how much cash flow would you be getting...compared to above?

Make sure you know what comparable properties are selling for, and what renovations are necessary to get top dollar.

@Even Pickvet-Hall No last year tax return should have higher and YTD should be higher in gross compare to last year comparing with your w2 income.

The reason being they know the project and willing to work with you with better interest rate and lower down payment compare to online lenders for condotel.