So far I've been happy with it, but I'm still learning the ins/outs to utilize the full potential.

Sometimes you can get an extension for an additional fee.

The truth is, the recent temporary extension of the payroll tax cut is being funded by a "small fee" tacked onto governemnt backed mortgages (30 years of extra fees for homebuyers from now on [and probably forever] to pay for a temporary - 6 months - payroll tax cut).

Utilities for all apartments would be separate.I asked the local codes enforcement what would change if I did make this into a three unit and he warned me that I would be required to have a sprinkler system in all units and an alarm system.

I have not spoken to the owner yet (but will) but my friend also said that the property has had full vacancy for over 3 years (mostly elderly people), Utilities are metered individually, refrigerator, gas range, washer/dryer hookup in each unit.

They could wholesale it for 5k and their funds would be utilized for 3 days.5k profit / 154k total investment = 3.2%365/3 * 3.2% = 389%If you could retail it for 30k after 3 months.30k profit / 175k total investment = 17.1%365/90 * 17.1% = 69%Earning a consistent 389% return would mean your money is "perfectly" deployed.

Also some the utilities data.

There was water damage and the carpet was removed and mildew on the walls so the bottom portion of two walls was also removed.Since there is no closet and window it can only be utilized as storage.

I'm curious how different people analyze and budget repairs to HVAC, electrical and plumbing systems in bank owned homes where the utilities are turned off?

I think you lost me in all of your paragraphs.What are the following numbers:In Place Rent:Existing Debt Service:Existing Peripherals (Taxes, Insurance, Association,Maintenance, Utilities):Property Tax Rate:Also... when you say you "put a ton of money into it"...