You can chart the ROI out and see when the break-even point occurs. 

(2 Closings) = $70K plus.Holding costs include (but not limited to) Loan Interest payments (borrowed from family and HELOC), insurance, taxes, utilities that occur during the Rehab period and until the property is fully rented.  

That includes Purchase Price, Rehab Estimate, Holding Costs (includes but not limited to loan interest payments, insurance, Utilities, and HOA fees that occur during the Rehab period up to the point the prperty is fully rented), and Closing Costs (Purchase closing and Refinance closing). 

CORRECT... and one I never mentioned to the other posters.Because these transactions are very large, neither Broker every represent the Buyer or Seller legally nor hold Escrow.Once the meeting of the mind occurs, the Seller's Attorney then sends a Contract to the Buyer's Attorney.The transaction is then out of the hands of either Brokers/Agents.The Attorneys for either side typically collect $2k each.Even after, the Closing Agent is normally another Attorney.Also, Closing is normally done at the Bank's Attorney's Office.Typically, there are 4 or so Attorney's, each representing all of the Party's interest, The Buyer, The Seller, The Bank and the Closing Agent and/or Title Company.At the 9 Closings I have been a party to a Transaction, normally as the Buyer, there has only been ONE time that I have ever seen a Brokerage send over a representative to collect their check.

I have no idea if this will be able to occur as of yet (we are researching with the city now) but if we purchased a 4 plex and a duplex and then are able to convert it to a "6plex", when we go to refi (using HML's to do purchase and rehab), how will the banks choose the value of the property for which the loan will be created? 

There's an old saying the light deters two things, crime and cockroaches, and we would like to ensure both occur.

If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

You may have heard of this from a sales perspective, studies have shown: 2% of closing the sale occurs on the 1st call 3% of closing the sale occurs on the 2nd call 4% of closing the sale occurs on the 3rd call 10% of closing the sale occurs on the 4th call 81% of closing the sale occurs on the 5th callWould you agree that most people give up on the 1st or 2nd call? 

Starting part-time might be a better answer for you, especially as most actual sales activity for me has occurred evenings and weekends, anyway, and I use my weekdays mostly for marketing, preparing reports, and continuing education. 

The roof is mint and was replaced past three years but everything else needs work, its a full basement but has a bulging cement.