Numerous elements will influence your approach and city of choice, so it's critical to do extensive study before making any selections.

I know there is a human element in life, but you didn't buy the duplex to show your compassion, you bought it as an investment.

Your friend being a car lot would need to check the soil to make sure they do not have environmental contamination.  

We find it especially helpful when we don't have people moving out as often, to refresh ourselves on what to do when.Here are the things I include:Table of Contents:Resources. 4Property Selection.. 4Purchasing/Evaluation Reminders:4Unit Preparation.. 4Sequencing of Repairs. 4Crime Prevention Through Environmental Design.. 5Remove the Cleaning Vinyl and Plastic Blinds. 5Cleaning Cabinets. 6Hot water heater. 6Smoke detector & carbon monoxide detector. 6Advertising to Applicants. 7Utilities. 7Pet Policy. 7Smoking Policy. 9Occupancy Standards. 9Market Rent. 9Evaluation at Vacancy. 11Reevaluating during tenancy. 11Change to rental rates. 11Advertising. 11Tenant Selection.. 12Rating Applications. 14Tenant Selected. 16Rental Agreement. 16Paperwork & Legwork needed for Move in.. 18Move in.. 19Maintenance During Tenancy. 19Maintenance Needs reported by Tenant. 19Maintenance Performed by Tenant. 19Maintenance Inspection.. 20Things to Keep Maintained. 20Trees, lawn care & Trimming bushes. 20Monthly Processes. 21Collecting Rent. 22Rental Financials. 22Gather Market Rent. 22Document. 22Update Tenant Listing. 22Update Occupancy Tracking. 23Follow-up on Late Rent & Late Utilities. 23Less Frequent Processes. 23Here’s things to do on a routine, but less frequent basis.23Maintenance Inspections. 23Review Landlord/Tenant Law.. 23Issues/Changes During Tenancy. 23Late Rent. 23Unpaid Utilities. 24Mildew, Pests, or Rodents. 24Agreement Violations. 24Neighbor Complaints. 24Change in Tenants. 24Amendment to Rental Agreement. 24Abandonment. 25Terminate Agreement. 25Eviction.. 25Judgment. 26Tenant Turnover. 26Items left behind. 27Turning Prior Tenants in to Collections. 28IRS Guidance. 28Misc.

This element ultimately dictates the ddesirability of the business and therefor its price.

Here in California more than interest rates, our market (for new construction) is influenced by the environmental policies imposed, and the costs associated with them.

So like I said this was a labor of love that does not make financial sense his main motivation was environmental  IE reusing already existing materials. 

If you're not using any cash, then your cash on cash return is infinite.CCR is a very simple formula that has been "mangled" by investors looking for ways to rationalize bad deals by introducing elements into the formula that have nothing to do with cash.The formula is simple:  Cash (only) out/cash (only) in....in the 1st year ONLYIf I use an example of one of my deals I just did:Cash in:Buy/Rehab/Fees = $55kTOTAL                = $55kCash Out:Refi in 6 months     = $60kCash Flow 1st year = $ 4kTOTAL                    =$64kCCR = $64k/$55k = 116%

If I can pull the levers to make these three elements play nice together than I'm all for moving forward...

:o)However, I don't know that you're not taking into consideration the Event Marketing element.