I also own three properties that are appreciating versus just one.

Little to no value add - 100% occupied with maxed out rent Currently 44 units asking $60k per -improving area .

Bring a general contractor with you to the property and let them teach you how to identify problems and opportunities for improvement to bring the property to its full value.Go down to Home Depot and other individual wholesale materials stores and get a list of prices for everything you might use on this flip and every future flip.Go to the professionals desk at Home Depot and ask about discounts for bulk items purchased.It takes practice and a lot of trial and error at first to perfect the techniques to estimate costs.

Repainting your property inside or out, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows are examples of repairs.And continues withImprovements (Cap Ex): An improvement adds to the value of property, prolongs its useful life, or adapts it to new uses.

It's a bit of land with improvements that fulfills the basic human need (Maslows Hierarchy of Needs), shelter.

Purchase Price: 115,000Sales Price: 245,000Rehab: 70,000Holding: 15,000Closing Costs/Concession/Commission ~ 17,000Numbers are rough as I didn't keep the best records with all the different contractors and the fact it was over such a large time frame, something I will be improving on in the future because records are so important. 

Frankly if you have extra money you can keep that in the bank as a safety net until you feel comfortable enough with the income from that rental to then buy a second property.Most of my clients purchase with a loan but then as they generate income the revenue is put back into the property, through either improvements or paying down the mortgage. 

My biggest concerns pertain to:-Out-of-state investing-What stipulations are there for financing an investment property located in another state -Deciding on whether to personally obtain the loan or do it through partnership's LLC-If partner lives in area who is highly valuable, but currently rebuilding credit score, would they need to be involved in financing process-When partner's credit is improved, what are the stipulations for the partnership if we decide to utilize the 3.5% FHA Loan or use the partner's VA Loan benefit to purchase a multifamily with a 203(k) loanAny help would be greatly appreciated!

My agent actually would tellme about unlisted foreclosures he was about to get when I first started because he wanted to double up his commission versus just taking a listing agents commission.

In order to have a new appraisal done on your property, you must have made improvement on the property since your loan was originated.