@Ross GillYou may want to look into a Master Lease Option strategya. find a mom and pop "poorly performing" apartment buildingb. offer the low "NOI" as an option to purchase pricec.

I would figure out what path will generate the largest profit (or smallest loss) given an amount of effort you're comfortable with -- then do that.Of course, this is something that you should have figured out BEFORE you placed your bid...what makes you think the deals are profitable if you haven't gone through the exercise of analyzing them?

So is it kind of a % type deal or more a flat rate depending on how well the bird dog performs. 

Of course, easier landlording and likely less potential variability in performance also than the former two.

It is not a good choice for a passive investor, but a wonderful investment for someone who's willing to exercise a little leadership.

For $150/ft in rehab, I would think it would have to have very high-end finishes.. travertine, custom amazing cabinets, some viking appliances etc.But I've also heard people that do their own work say "there was $200K in rehab performed".

Isaac you need to wait for a "burn in" period and do nothing.Watch how the tenants perform and the property runs before making any huge capital decisions.Yes we look at those items before purchasing to see the best strategy but since you have already closed it is best to do some more research.

How is it performing?

Perform sweat equity.

What was the overall cost per form filled out?