@Travis Reed the house getting trashed and parties is pretty much a guarantee for most college rentals--it's the nature of the beast.

Those who spread nonsense and insist on the correctness of their nonsense have created the mentality that wholesalers are stupid, they are full of nonsense, wholesale should be illegal and ...I hope that all the wholesale partners will achieve this way of thinking, even if a few months have passed without a deal and money, so that they do not start delivering nonsense and disturbing the nature of this work.

For me it was about $5k to repair framing and termite treatement was <$1000.Naturally, any termite house is going to be different.

It's just the nature of the beast.

Was considering either putting in a new natural gas furnace & A/C unit, or just installing an A/C unit on the existing forced air oil furnace.

In the case of larger apartment buildings you have not only economies of scale in terms of operating costs but also the cost to acquire per rentable unit is decreased.Example would be:$50,000 per unit of 2bd 1ba for 4 units - fourplex - $200,000 sales price50 units of 2bd/1ba could be $40,000 per unit cost = $ 2,000,000 sales priceSo now you've got 12.5 times the amount of units for only 10 times the price so you have more rents to cover your overhead and a higher chance to make a higher net operating income(NOI).Then again not all things are equal in every market and this is why the question is such so broad because in some markets you may get more rent for 2 bd 1ba condos but rent applied to larger apartment buildings may be less due to the crammed nature of your living quarters and other factors.

My GC claims this is plenty of power since hot water and furnace both run on natural gas.

Hi Karin,The above you mentioned used to be the case with FHA flips that were probably ear marked to be sold to Wells Fargo as one of their secondary market conditions was two appraisals if the sales price was 20% or higher than the acquisition cost when documenting the 24 month chain of title.I understand your frustration, they (Wells) just want to make sure that banks on the origination front do their proper due dilligence with valuation and documentation of the value to ensure that they will not have to buy back that paper from the correspondent lender (unless your dealing directly with Wells Fargo).Its hard unless you ask but if you find a banker who is originating loans and directly selling/servicing their government loans to Ginnie Mae(GNMA) then they may not require you to have the two appraisal and additional procedures because its not necessarily a GNMA requirement but rather banks on the front lines trying to reduce their risk and requiring these additional steps from you to protect their behinds.Generally you may find that on Flips they may need the appraiser to go out and certify that the property also passes FHA's health and safety standards as well so dont be surprised (double strapped water heater, CO detectors, etc).In the past I've had to show excel break downs of work done, invoices, bill of sale's, and others too but that was back when New American Funding sold the paper to WF (not any longer =).

Kristin,This is normal procedure, but your realtor should be able to explain this to you. 

I think geographical diversification is very prudent for the very reasons stated by @Marco Santarelli .Another reason: natural disasters (which seem to be more frequent nowadays).