There are certain answers I expect to hear, but want to leave the question open-ended to see what else comes up that I may not be thinking about.

Looking over other development deals I would have expect cash flow proportion to be more in line with the equity split up front, pari-passu.

What were your maintenance costs for the past year, to include replacing broken furniture, dishes, etc?

Saw this over at MMM and thought this would be of interest to any live-in flippers expecting to have their capital gains shielded from taxation when they sell...It seems the House tax plan would redefine "principal residence" as a place one has lived in for 5 of the past 8 years rather than 2 of the past 5:SEC. 1402.

Some of the major rehab involves Siding, portion of roof, new sidewalk, splitting electric (new panel boxes and meters), heating (new furnaces and re laying of duct work), water (new water heaters), portion of broken sewer pipe replacement, replace electric wiring to 2 units, new kitchen, bath, flooring, windows, doors (interior and exterior) in all units. 

It’s not too late but it won’t be easy..I have a Coop in Riverdale next to Yonkers, and did a cash out refinance on my home.It took a little longer than expected but I was able to do it, everything is a little harder with Coops but all boards are different.It will be hard to find what you are looking for at your price range in Tri state area, have you consider looking out of state?

@Robert Mouser, count your blessings, that's about as good of an outcome as you could have expected.

Or what should I be expecting as my annual return?

FHA Appraisals - Are these typically standard to what I should expect for a conventional loan or are they more stringient.3.

I just think it all depends on what your expectations are.