At the acquisition price points, and the market value of the units if you do decide to go wit a pm you’ll find yourself not being very profitable as most pm’s will charge $75 per unit min or 8-10% of gross rental income.

Traditionally I have sold the builder land and loaned him the money to buy the land and build the house with us splitting up the profits when it sold. 

It would not be a terribly profitable industry, and a few large players (hopefully including my NewCo) would dominate the space.

This is a net profit of ~~ $1300 monthly. 1300 monthly X 12 = $15,600 anuall cash flow15,600 cash flow/ $53,000 acquisition cost = 29.4% cash on cash return. 

A low price is no guarantee of profits. 

I worked them, remodeled them and made very little money and eventually sold them for little to no profit.

You can make great profits flipping houses, but you can also lose a ton if you don't do it right.That said, I encourage you to be in touch with an investor friendly agent in Indy.

If she pays, then your really out of luck and you have to sue her in court for breaking the lease and damages.In general, I don't take people to court once I have the property back as the attorney fees and the fact you RARELY collect on any judgements (15% of the time or less) eats any profit and wastes your time.

Am I being dumb by NOT waiting, because it’s unlikely - I assume - my next deal will be as profitable (I got very lucky on this one!)

Fast forward three years: He’s moved out, and the property now nets him close to $1,200 a month in profit after expenses.