When faced with so many opportunities or routes we can take, I usually try to figure out where I want to end up, then work backwards to find the best method of arriving at that end goal.

The best and possibly only way to do this is to use the market rent factors to build your own income statement to establish gross rental income and apply an assumed vacancy rate and operating expenses against it to arrive at net operating income.Since you plan to fund the deal with 100% equity, you can determine your book basis by using an assumed purchase price plus the rehab cost which will equal total project cost.

I'm currently in Australia on a family visit, though I will review the contract upon arrival back in the USA.

Such offer could be escalated with convincing verbal comments to potential buyer like: "you had to travel for hours to finally arrive here, wouldn't be better, since you have laptop with you with access to online banking, that we just finalize the deal between me and you, and you even save money because i will sell it to you right now, if you buy today, for lower price."

You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies and this month there will be no special speaker and the rest of the meeting will be very interactive with a lot of participation (more Q&A, experiences from knowledgeable folks, good stories and bad, information about property valuation, etc.).

For this example we’ll use the appraised value as the ARV and assume that your repair figure is accurate (though you don’t indicate how you arrived at that amount).($148,000 - $18,000) x 70% = Maximum Price$130,000 x 70% = Max PriceMaximum Price = $91,000That 70% number is not a given.

For 2011, it was 80%, but for the past 6 months it has been around 60-65%, and that is where I expect it to remain until I get all 6 rented, in which case, judging from current expenses, I will arrive at around 55%.

@William ByersI took the rent from all of the units and averaged them together to arrive at the $700 number.

I just ordered the book and am waiting in anticipation for it's arrival - this will be a good point to note as I read.  

Our small 2/1 rental is already getting cramped with all the baby stuff and she hasn't even arrived yet!