You could look at some of your close competitors who have already done this type of renovation and find out what kind of rent they are getting.

While some people are forced to invest OOS, and sometimes it makes sense, I think for most investors, staying close to home solves lots of problems and Warren Buffet says invest in what you KNOW. 

Here is my question...closing is in 5 days.

Save that and apply it at the sale or refi when the balloon comes due.

I'm assuming you'd want to use this benefit for a new construction to get exactly what you want built, since finding this type of property already built & ready for sale isn't ideal, not impossible, but not ideal.

So far I have been developing units for us to manage and taking on clients through our real estate sales to investor clients.For those in the biz. 

Veterans can finance a loan 100% including closing costs without PMI.

Purchase price: $438,000 Cash invested: $72,500 Sale price: $655,500 Single family home rehab and resale.

The problem with one off leases is that if there is a problem you will end up having to pay an attorney to learn that lease.If you want to go at it alone you might also consult with the attorneys at the title company that close your deal.

I've looked at NM for probably ten years and never found anything that would even come close to making economic sense.