We buy them, rehab, place a renter and then refinance cash out original down payment funds and recycle the same funds into the next project - repeat process.  

@Shelby Williams UWI do project management.

Trust your gut and the math analysis on prospective properties.  

Hi Daniel, I would ask if they have completed a reserve study, when the last time was that they passed a special assessment and what it was for, if they have any upcoming capital improvement projects coming up, when the roofs were replaced, when the last time they painted (because if not in the past 8-10 years you may have a lot of leaks).  

So if you are only looking to invest a certain dollar amount, it will limit the size of the project you can afford.Good luck.

I would love to be able to leverage my own equity to finance this project, but short of doing 5 HELOCs, I am unsure of how to proceed.  

What area of Philadelphia are you looking to invest in for your next project?

What do people think of my rough analysis?

I've saved a lot of cash by doing it myself over the years, but often, at the end of the day, what I saved was less than the rent income or carrying costs I incurred.I still have rentals in Madison county (Harvest-Toney- HSV Sec. 8) so feel free to keep me posted on how your new project develops. 

I have 13 years of experience and a dedication to each project.