These companies need to make a profit too, and so there's just not going to be enough fat left on the bone.

If you could buy it for a steep discount and then get all units legal there should be a great profit there but know the risk, and the path to completion before entering into a deal like this one. 

The spread is much less than I'm used to working with but there is still room for around $20k-$30k profit after expenses and rehab. 

. $100 monthly profit per door doesn't allow much room for things to go wrong, and they do.

SP = PP + actual cost to date + exit potential profit from flip + closing costs.

Well because I could not commit to acquiring my first property with the remaining time in the year, I’ve committed to analyzing 2 deals a day to post on the forums here.It will allow me to gain knowledge and advice from experienced investors and also give other investors like myself (or soon to be investors I guess) an opportunity to contribute as well.Even if they haven’t done any deals, they may know how to avoid common mistakes while analyzing that they’ve learned since they’ve started on their path to REI.I know it may not be much, but I’m really hoping that others in my position feel inspired to contribute more than the normal “Hi I’m a new investor looking to learn from everyone here on the site” and those more experienced are still willing to share their experiences.Thanks everyone.With that being said:Property #12-unit Property in Queens, NYEach unit is a 2br/1baAnticipated gross rents: $3.8k/moOperating expenses (per month):- Vacancy: $190- Repairs/Maintenance: $35- Taxes: $300- Insurance: $133.33- Property Management: $190 (did this at 5% of gross rents because I can manage the property myself but I’d like to set aside a portion in case it makes sense to transition to management).

Can't you roll your IRA over to a Self-Directed IRA, take money out of there in the amount of your renovation budget, and then be allowed to deposit 100% of the profit of that property sale into that IRA, to be used for your next investment, tax-free/tax-deferred? 

That being said I was making $900 in profit for the first 3 months until I had to move in.

I am more or less tapped out of liquid cash but have a great relationship with my lender and am good at finding and managing profitable companies. 

Much profit to both of you!