Purchase price: $175,000 Cash invested: $90,000This was one of the hardest renovations we have completed to date, the house was very neglected for over 30 years.

Our property management company handles both STR and MTR units.

The bathroom was pretty decent, so we were able to just get it professionally cleaned and the house was ready to rent.

The income might not be high enough to offset the initial cost, management, and turnover. 

Use a reliable customer relationship management (CRM) system to manage and organize your investor data.

@Maria Rina BoidonI personally would probably keep a cash-flowing and not management-intensive property.

Even more are evicted informally.My company manages 400 rentals, and we evict less than 1% per year.How do you measure up?

I know they can be very difficult to manage, and many of them are old.Self storage and industrial are two niches that I think you should also consider.

Here’s the situation:Key Project Details:•Property Size (pre-renovation): 250 sq. meters (2500 sq. feet)•Purchase Price: 250,000 EUR (1,000 EUR/sq. meter)•Renovation Costs: 750 EUR/sq. meter (includes kitchen, appliances, quality furnishings)• Loan costs (during renovation and renting): 350 sq. meters (due to attic expansion)•Property Size (post-renovation): 350 sq. meters (due to attic expansion)•Post-Renovation Layout: 2 separate apartments•Airbnb Income (24 months): 2,500 EUR/month/apartment (= 5,000 EUR/month)• Other running costs: 600 EUR/month•Projected Sale Price (after 2-3 years): 850,000 EUR (approx. 2,500 EUR/sq. meter)•Closing Costs: Negligible in Tbilisi•Real Estate Agent’s Fee: Typically 3%, but negotiable based on who hires themFinancing Setup:•Property Purchase Financing: 100% bank financing at 5.9% interest (bank has even financed 150% to cover some renovation costs in the past)•Renovation Financing: Our friend is offering to finance 250,000 EUR in cash for the renovationsProposed Partnership Structure:•Work Involved (on our side): Full renovation (10-12 months to complete), furnishing, and property management through Airbnb until the sale (2-3 years)•Profit Split Proposal: 60% (us) / 40% (friend providing renovation financing)Questions for the Community:1.Does the proposed profit split (60/40) seem fair, given the work we would handle (renovation, furnishing, property management)?

I've been introduced to GDL Asset Management/Green Water Asset Management, which primarily focuses on multifamily properties in Arizona.