My goal is to purchase a minimum of one investment property this year (would love to double or triple that).

@Ned Carey, I wonder if your area is comparable to mine, so do you typically request about double what you paid for people you know and 2x+ for others?

The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price.

The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price.

The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price.

Could land something just south of 200k and probably double your cashflow expectation.

the house is worth close to double what it was at purchase, and even with renovation costs built in, I'm thinking the depreciation she's been taking will mean that she winds up owing something the next time 4/15 rolls around.  

If you are trying to cut corners on materials & finishes, skipping code requirements and generally hacking a house to squeeze out profit...my advice is to invest in the stock market and not real estate.I personally have seen downtown high rise condos literally double in value after rehab largely because many are decked out like its 1985.

If you aren't trying to run a company, the standard double entry accounting method can be overkill.

If you're going to double close then no problem.