If you are putting up the rehab cash, expecting $150k profit, you should get your rehab cash back & 50% of the additional profit. 

Sounds like that may be even more of a concern when you're working in lower income areas, as they're probably going to have more issues.On top of that, the property is listed as a 4plex, yet the county records show it as a triplex with a garage (so they likely converted garage to an additional unit), and the "land use" is defined as single-family (which is confusing, because the same page says the property is a triplex).Will be talking to the current PM hopefully today to get his opinion on the property and area as well.

Additionally if you find this post helpful please give it a vote on the right hand side of this post.

Older style mixes with some added sand works best.Outside of that, if you really needed to, you could replace sections with cement block or poured cement.As long as the walls are true and not leaning or bulging, then it's just a matter of maintenance on the mortar from time to time.

I have never been a fan of butcher block, but realize its coming back in style so am leaning that way.

Marcia, Thank you for the additional information. 

In addition, we are also pursuing Financial Independence through a mix of real estate and investment accounts. 

There's a big opportunity cost to paying down existing properties instead of purchasing additional ones. 

And, everything else you said boils down to PRECISELY what I said--the mortgage company is generating a lot of fees IN ADDITION TO their advertised interest rate.

I envisioned a neighborhood of 30-40 of these 1920-1940 pier and beam style homes.