They dont let me post an email address on here :) Know the key.

If fire was primarily in one bedroom, but smoke damage effected whole unit, does that call for removing/replacing of all sheetrock? 

Any tips on effectively self managing or just better to pass on to property management if not in area?

I don't think there is too many markets that can give you these returns (Seattle, SF/San Jose, Southern California, DFW, LV), without risking a lot of capital.BTW, no replies on cost to build 4plex.Terry Am I misreading this, financing doesn't effect your cost basis which is used to determine the gain (100k).

Once there I know that after due diligence there will be CapEX expenses discovered that need to be addressed in the negotiated price.

The new tax law does not come into effect till 2018.

Yes, @Tasha Pams, you must include  30 day cancellation clause in the lease to take effect if redemption occurs.

@Travis White, my napkin calculations suggest that if expenses come close to 50% of current rent, that a cash outlay of $300k would get you between 6% and 7% net return.The gentrification of the area is something we can't/shouldn't really address, because you have to use your own best judgement.

Treat your real estate like a business, take care of your properties and tenants, and protect your assets, just in case...These tenants just got awarded $1.6 million for a bed bug infestation that was not addressed promptly by the landlord: https://www.nytimes.com/2018/04/04/us/california-bedbug-lawsuit.html?

There are probably other provisions that can get the same effect, but they would have to be in the lease prior to wanting to raise the rent.