This is definitely a learning process- I just wish I had thought of that layout before sending out to all of my buyers!

and talking about how we would lay out the house the walls that would be removed etc. 

Great thoughts @Steve Vaughan and Tim GordonThat's a sobering scenario you've lay out, Steve.  

As I don't know your market, I can't say anything regarding cap rates there; based on some input from others here that are local to you, the layout of this property and the liabilities entailed (as a C/D property) would have me looking for returns north of 15%, which is substantially higher than what I'm seeing here based on quick calculations.

So here it goes, some things to consider and then I will lay out my questions.BUSINESS:  We opened an LLC to manage our real estate investing and finances. 

And the layout lets us keep the master suite and use it as a place to stay when we're Pasadena. 

@Robert Williams, you're right I probably need to have a conversation to lay out my expectations as to the need for same day responses.

Jeff Ihnen I don't know about the price, but price based on square foot only works for commercial space or apartments with uniform layouts.

I'm going to continue picking him for details and drive over to check out the interior layout of his units.  

The key for me has been (through trial and error unfortunately) finding 2 good contractors who I can be almost entirely hands off with and leveraging some basic technology so I focus most of my time and attention on finding deals.I've found that in order to do a decent volume of houses the vast majority of my time and attention needs to be on finding good deals, since that's the hardest part of this.Having really solid contractors who can make some minor paint/tile/house layout decisions and do a decent job with it has been crucial.Also- leveraging basic technology- for example I have a part time employee I pay to go around to all my rehabs once per week to take 5-10 minute videos and upload them to my google drive.