So if the ARV of a property is $100k, and you purchase for $50k, and renovation is $25k....then in theory, you won't come out of pocket any money.Then after you close on the property you begin the "Rehab" step. 

We were still a bit wary of the big dog being in a small space that we had just renovated and refinished the floors on, but they seemed like a nice enough couple. 

One problem you will run into if doing a $70K cosmetic renovation on a 5-plex in Old Louisville is that tenants who are attracted to the area and are willing to pay top dollar want the following:-Original historic charm (No covering up original wood floors, trim, etc)-Central heat and air (their own system, not shared)-Newer electric-Laundry and off-street parkingIf this happens to be the 5-plex on Ormsby, you may want to do some more digging on whether it is actually a 5-plex and if the basement unit can be legally used as an apartment or not. 

The renovation took me about 5 months as I did about 75% of the work myself.

The renovation took me about 5 months as I did about 75% of the work myself.

Almost a complete renovation was done.

I want to purchase a Triplex in North Carolina and 2 of the units have been renovated but one has not.

I am still waiting for an insurance quote to have all my numbers to completely analyze the deal.. but I have the general picture down its looking like after everything I would have around a 25K profit.Pro's in my mind=-It's a complete renovation so I feel like that would cut out the "unforeseen issues" factor.- I am very confident in my ARV estimate because I just bought a home on the same street a few houses down- I will be a real estate agent by the time I would go to sell this house so I could save money/build my network etc..- The home would likely not be hard to rent, it's in a great neighborhoodCon's in my mind= -Its a huge project and I've never handled a straight up flip project let alone one this big.

I spend my free time with my family instead of installing toilets, listing/showing units, chasing rent, evicting tenants, renovating units, etc.

@Bruce Archer you could do a renovation loan as a refinance, FannieMae HomeStyle allows investment properties, 85% LTV.