I’ve done one 1031 exchange in 25 years, I own every other investment property I’ve purchase in 25 years.

To calculate the cash-on-cash (CoC) return for the rehabbed unit, take the annual rental income from the newly rentable unit and divide it by the capital invested in the renovation.Formula:CoC Return = (Annual Rental Income) / (Rehab Cost)This will show you the return based solely on the funds you put into the rehab.

He was a consultant that was in town frequently and hated hotels. 

I’m in NY.

In 6 months it won’t make a difference - perfect example of this business being the “long game”. 

@Dustin Seager if you are buying with hard money, then you will have to put it in an LLC.

Nothing in Phoenix at the time.

I think you have it in our Cons.

All we know is 8 units somewhere in PA at $900 a pop for 600k.

Thanks in advance for all your insights and advice!