It was not an easy one, since we are in CA and the property is in OH, but we made it through and are looking to take on our next project.Bought: $79,900Initial budget: $65,000Real budget: $97,000 (mismanaged project by initial contractor (and second contractor))ARV: $219,900Improvements:Brand new siding on the second floor (was not in the initial budget)New roof (was not in the initial budget)Sealed and painted the basement - was quite creepy down there beforeOpened the floor plan from the living to the kitchen by widening an existing walkwayMoved the kitchen from one side of the house to the other to capitalize on the stained glass windowsGutted the upstairs bathroom and added really good looking featuresAdded a half bathroom and laundry room downstairs by the entry to the backyardNew ACNew plumbingNew electricOur contractor performed extremely poorly on this job, and I am happy to share a cautious word with anyone who aims to invest in Cincinnati about the team at Kaiker Development and Creative Customs Carpentry.

But in hindsight, that was the proper structure at that time in my SFH portfolio building.Finally, this is why you need an attorney that you can partner with long term. 

Not making it easy on you are they!

Things seem to be easy to imagine and put to work but remember Murphy's law and what if things go wrong?

Conventional foundations are an easy fix. 

It should be very easy to find multi units that meet the minimum 1% rule. 

Fees should be clearly stated, easy to understand, and justifiable.

The better the numbers, the more likely you are to have long-term success at the proper price points. 

If you can put the deal together and find your buyer the financing through a private money lender or a traditional bank that's easy to work with, that's going to make it much easier for you to sell that property and add value than it would be to do cash-and-carry.

Easy short sale transactions generally compared to others when it comes to processing, but tougher to get good deals from an investor perspective due to HUD guidelines.