It also has a bonus 3rd unit (a stuidio) that will generate extra rents to push up the numbers.  

The bonus to taking on that risk is you can then force appreciation by pulling the financing once the property is completed.

The added bonus is you'll be working with contractors and vendors and building those contacts and relationships that set you up for properties down the road

@Tom Jones - Salaried, hourly with guaranteed hours, commission, bonus, overtime, and/or if a mix what's the approximate percentage?

As far as education goes, there is plenty of information on the podcasts and forums to help you learn some of the ins and outs.If you are switching jobs to commission or where you receive tips, bonuses, etc.

A bonus to this approach is that these people are cash buyers off of the MLS so they're not used to buying at typical investor discounts so at times it can help you move properties at higher prices than you otherwise could.  

You can cash flow neutral with a 25% down in those areas and have the added bonus of appreciation.

Plus as an added bonus everything will be brand new so no Cap X and very limited head aches for the first few years while we stabilize the asset.

I charge a small app fee as a gauge to see if they'll whine about $25/$35 or if they'll just stroke a check (bonus if they actually have a checking acct!).

This was a great bonus but now I am trying to figure out the most productive use of this lot.