After he got done showing me each and every item (holes in walls, flooring, leaks, etc), he concluded the house is likely worth 80k-85k as-is, I offered him 80k, and tossed in a bonus, by saying I would pay his closing cost.

To meet aggressive schedule you can offer a bonus ~$5K to have it done by such date. 

Meaning we want to provide a "bonus" to the investor above and beyond the 11.5% return guarantee once we sell. 

@Jenifer Levini Thank you for being generous with your time and responding.

The only way to get your numbers down is to pull the permit yourself and hire the subs but you need to get a super involved and I recommend you cut him in the deal and give him a bonus if he builds it quicker.Based on what you are saying I believe the path of least resistance would be to sell the land with a “permit ready” set of plans.

Ask her why she wants to continue owning and being generous.

Or... you buy gift cards from places that have bonus (think credit card bonus at grocery store, then buy gift cards to use). 

Assume $200 p/m at $2000 rental income.Maintenance - assume 5% although I think this is generous, so assume $100 p/m at $2000 rental income.Utilities - assume I will pay water, which will probably be $75 per unit, so $150 p/mLandlord License/Inspections/Fees/etc. - not aware of anyProperty Taxes - already accounted for in PITILandlord Insurance - assume you are talking about a landlord policy?

Having your own business also allowed me to pursue real estate as well.I had a high paying W2 job, in IT, with 401K's bonuses etc.

Louis and Cleveland and would love to help you start a rental property portfolio there.That's very generous -- would be happy to chat more!