Most everyone is correct here, but your all playing by different rules for your calculations.If you use full cash (no liabilities) and make 5%, that is one way.You can then take out equity loans  or 2nd mortgages- but you have to deduct the cost of the loan.

It is a 111 m2 (1194 ft2) flat which needs full renovation.

When there is a different bedroom and bathroom count on the MLS vs. public records, which are they permitted to use for appraisal purposes?  

Also, is there any phone apps anyone uses where you can log expenses so they don't have to keep a shoebox full of receipts.

I actually joined BP a little less than a year ago so I am not new to this site, but, this is the very first post I am posting, so, I am very glad to introduce myself here.I've recently quitted (finished my last day two days ago) my full time job in the heavy construction industry, which I had worked in for the past 10 years as a construction safety manager.

These 2 are "house for sale to be moved" and we will have them moved to our property to connect to existing utilities, rehabbed, and rented as 1 bedroom efficiencies.It is my desire to switch to real estate full time.

I would structure this as a 30 year loan at 3% interest + principle with all the proper arms length paperwork.  

Some background about me: I have a full time insurance sales job, so I will most likely be using a property manager (unless you suggest otherwise), I've never rented property before, so I have 0 experience being a landlord.

The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

Its full of great info.