PG countyNOVA will not give you any appreciation, neither cash flow.In PG county, stick with safer, higher income areas (western side of 210)Risk will get you rewarded.

If you want to do it the old fashioned way:PGI--potential gross income -VCL--vacancy and collection losses (I use one month about 8%)--this may not apply to your area+OI-other income (laundry, cable, etc)=EGI-effective gross income-OE--operating expenses (does not include financing)=NOI--net operating comeYou can then run a quick cap rate if desiredProperties do NOT require a mortgage, so mortgages are not factored into NOIOnce you have NOI, you can factor in a mortgage to determine your cash flow-if any.I have a couple that I lose money on every month and knew this before I purchased them.

We aren't too excited about paying the capital gains, so it's time to get our feet wet with investment property.My wife is getting her P.H.D at Case Western and we will realistically be here for a few more years.  

Might be risky for your first joint venture...As for help with bank related questions...how about we do a good ole' fashion trade off-- I'll PM you one of my buddies' numbers who has a ton of experience with refinancing and dealing with banks.

The way to do that is good old fashioned networking.

I was running the numbers in a similar fashion and I was thinking of offering around $300k as is and the owner carry financing for 1 year to be safe although I think I could have all units completed in less than 6 months. 

@Brandon Cravens I am not a fan of NASB or First Western due to their restrictive lending.  

Sellers who own more rugged properties are the very sort who may approve of another solution to selling their house in the typical MLS fashion, as you probably know.  

I realize that 75% of the market prefers master downstairs in Texas and its mostly northerners and westerners who prefer master up.How do I target the population that want master up (families with young children) and ensure my house sells fast?

It is a condo that is very close to the Biltmore fashion square.