I was looking at a property thats estimated value was 87000 but the asking price is $15000 for an auction.

I am specifically looking at 3 and 4 unit buildings, and I don't know how to accurately estimate these costs.  

How long is your estimated rehab time?

One day years from now a co-worker will find out that you've accumulated quite a few properties and will be astonished, just assuming that you must have received a substantial inheritance to do what you have done. 

I used the rental analysis tool on BP and ran the numbers using best estimates and data I collected.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Someone from Texas could explain how much per pier etc...I estimated double in the long run as compared to non clay soil types with basically zero maintenance.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Individual #1: Taking out traditional mortgage with 10% down to purchase propertyIndividual #2: Managing restoration and sale, taking share of profitsThey need money for the restoration budget, estimated at $40K.