I don't think you can assign a real formula, because for every deal there needs to be some flexabliity and some deals will need to have more profit to offset opportunity costsSome examples- A SFH working right now that needs new heat system, new kitchen and baths requiring a total out of pocket of 50-60K after down payment, finance costs, carrying costs, ect might be worth while for a 30-40k profitHowever a major addition, new heat system, new electric system, add a half bath on existing main level, and otherwise total gut requiring 100K out of pocket might not be worth doing.

Unit is a 1 bedroom condo unit in an older apartment building that shows poorly and needs electrical, new kitchen, water heater.

I'd consider any Nash Metropolitian to be a hybird, not electric, but a hybird that flew alone from the flock.

He said to insure a rental property with them the property "must be less than 60 years old and have had recent updates (last 10-15 years) to roof, HVAC, electrical and plumbing".I don't have a problem with the recent updates part of that but there are a number of areas locally I am interested in that have homes more than 60 years old.

Building from ground up in a lot of ways is more organized and predictable than a big RENO where you don't know whats behind that 80 year old wall or what the last owner did to the plumbing and electrical.

I only use referrals for electrical, hvac, plumbing...Remember, someone can do great on one project and completely fall thru the cracks on another...It's good to keep 2-3 reliable in the works.

If pets are left unattended in a freezing house with no electric or heat, please call the ASPCA for their own safety.

The 3rd Bedroom is actually a den/office.Plumbing, HVAC and electrical have already been stripped out, the locals are helpful like that ;).

So here's the conundrum for a novice - being the type A personality I am and wanting to learn (and, honestly, control) as much as I can about this "deal" my first instinct is not to "bug" local investors about it because (a) I want to add value to what I can present, (b) I want to know as much as I can before I put this before someone, (c) I want to control this in some fashion before putting it before someone since i'd be doing a lot of up front with the seller and learning as much as I can about the property, (d) I don't want to waste an investor's time because I don't want that reputation to follow me as I evolve with this business.But it's like I can't get the outline or roadmap on how to start (with the land, for instance) without going to someone who's been there, done that and effectively negating points a to d.If YOU were pursuing this based on what I outlined, what would be the FIRST thing you'd do?

My tenant does not see a single bug anywhere.