Just getting the pre-work to get permits is taking what I'll predict nearly 12 mo;  survey, architect, structural eng THEN permits THEN demo THEN framers.   

With Biden taking office, COVID, and multi family investing being at a 'peak' - what are you and your team predicting the next 12 months will be like for multifamily?

I did not have one personally.. but if the banks feel their assets are under water vis a vi current values then they can elect to freeze them or call them.. but I am not predicting that anytime in the future.. but when you have others who feel when they get a heloc its like a 30 year conventional IE just make my payments and nothing can happen.. that is flawed thinking they just don't know what they don't know.

If you calculate the returns off of this larger capital stack you’ll find the returns look a lot different than you predicted above. 

Simply rinse and repeat and take on the predictable income. 

If the equity upside is not predictable and it's an important component of the IRR/profit, don't buy (i.e. it does not meet your profit criteria).I vote patience and persistence...and have empathy and experience that it's not easy to do. 

If you are just entering at the $245K price point plus your renovation costs this is a bad deal.The appraisal will never come back as high as you are predicting.

Obviously it is difficult to predict, but I am real estate newbie in that sense.Ideally, I could buy something in the $300,000-$400,000 range today in a high volume vacation area (which I assume means no trouble finding summer renters) which in 10 to 20 years, I could likely sell for a 75-100% increase in property value.This is my first one, so I apologize if it sounds dumb.

My slightly over $500,000 purchase in 2008 (everybody was predicting an immediate crash} has a comparable just sell for $900,000 and a lesser comp on the market for $890,000.

There are NO deals in Denver, the weather is horrible, and our football team is awful!