@Brooke Wilson The 6 week timetable is conservative, there are some unknowns without having walked through the renovation in the unit.

I'm a beginner real estate investor doing all the learning, reading, and mock deal analyses that I can before I'm able to locate a cash flowing duplex in my target market and purchase my first property (I plan to live in one unit and rent the other).As I scan the MLS and analyze potential deals based on current market prices and expenses, it seems that the major factor preventing nearly every property I analyze from cash flowing is the mortgage rate.I plan on putting down 20% into my aspirational duplex and having around 10% or so above the down payment in cash reserves for unknown expenses, maintenance, emergencies, etc.With mortgage rates being as high as they are (7%+) at the moment, it seems like a true "needle in the haystack" situation to find a property that will cash flow in my area (Central Florida).Note that in my analyses, I am running the numbers as if I am renting both units of the duplex as well as if I were to rent only one unit of the duplex (both situations produce negative cash flow).Let's say I find a duplex that I want to purchase and everything fits my standards with the exception that I have negative cash flow of $100-$200 per month.

. **** an insider tip to those hunting for good buys, find on of these markets with a big disparity gap between existing and new built and ride the wave up.As a last note, we have been talking about this almost constantly at NAHB for the last years, even warning of it, it's not new or unknown just that most don't get informed or involved.

@Phil McAlister working as an agent, there are so many unknowns I have ran across in deals, this can be risky advice to someone who is either pressed on time or someone who is just starting out.

You should use the actuals and not estimates (use estimates for unknowns and actuals for known values).  

I'd like to know more about that, because that's my biggest unknown, as in if I'd I even find tenants, let alone multiple tenants willing to rent a single room and live with strangers. 

I'll agree it's bad to catch a falling knife if hundreds of thousands of foreclosures are on the horizon (which is totally unknown), but if the numbers work and you can cashflow decently on a LTR, short term changes in property value are just paper losses while your rent checks and cashflow are real money each month.

@Michael Lowe I think people are afraid of the unknown and risk.

If people see you are willing to put in the work and take risks (and not just "learn", because despite everything you learn, you'll have to learn the specific details of your deal when the time comes; and a common denominator with successful people is they put there head down and charge into the unknown, and come out the other side with the knowledge they didn't have going in) they will be willing to invest time and effort into helping you succeed.FULL DISCLAIMER: I'm not yet successful in RE.

The returns are chewed up by inflation, unknown fees, and more fees of fees.If you are loaded and want to hide cash, go for "investment" insurance.