I included a "55% rule" which would take into account the higher vacancies for an area with numerous MFH.My rehab would be to put nicer vinyl plank flooring in, beige paint w/white trim, and reface kitchen cabs w/new handles.After learning more about owning a quad this becomes more fun, we currently pay 1270 of someone else mortgage (2bd/1ba/950sq.ft) and to learn my mortgage on a quad would be a fraction of that plus the added income...my fiance and I joke about living in all 4 apartments for 1/3 the price we pay now hah.

I not only study all information available on line before investing but also visit the property numerous times at various times of the day and night as well as personally inspect the interior, exterior etc.Now lets say that you living out of state have the exact same experience, knowledge and expertise about real estate investing, in general, as I do.

He has since started sending emails and numerous texts that he wants 6K for work completed.

There have been numerous scientific studies done that prove what I have stated above.

As there isnt much, I think there is a market here in the Triangle area.  

I actually have experience going through the property tax appeals process, both on my own properties as well as watching numerous other people go through it. 

I have been through numerous Florida foreclosures (thankfully none were contested so far).

While you assert without any evidence (okay a single data point) that leases are "soaring", there has been evidence brought to this forum numerous times that there is an oversupply of high-end apartments coming on line this year. 

From our numerous encounters with the tenants they seem like nice enough people but I suppose only time will tell if they are nice enough tenants.

As high as those numbers may sound, compared to say Atherton, CA or "The Platinum Triangle" in LA, my "super home" will end up costing less than the garages of many of the homes in those places!