If you want to come check it out I can go over what I'm working on with the rehab and the numbers I expect when I'm done.

Since this a foreclosure, we’ll get the deal for $400K for both apartments (instead of the combined appraisal of $786K)My friend expects to sell the lot for $600k in the next 6 months, so after taxes and all fees it will be $180k profit but we’ll have to split between the 3 of us.

Is the after repair vales (ARV or expected sales price) realistic?

It has been exciting but also really stressful with all the information I am expected to retain long enough to pass the test.

But if you are planning to do as part time projects, I would request you to be expect lots of road blocks and dips along the way.

The reason i only budgeted only 5% for repairs and capeX is because i expect a full gut renovation and i myself am a handyman.

The buyer should expect to have to come up with extra cash to make up the difference, above and beyond the contract price.....which means you adjust your contract price accordingly, before submitting.If the house is underwater on just the first, the second should expect about 5%.

Beyond that, your tenant is somewhat correct on the issue of carpeting, the most you could expect to recover would be the depreciated value based on the expected life of the carpet.

most likely laziness or misplaced trust. the only person who you can reasonably expect to care for your property is you, and a strongly written lease is your first line fo defense against damages.

I expect that as we start investing more it'll be in the midwest/south for better costs which means long distance investing.