However, a developer mentioned it would be a wise idea to do a condo conversion even if I’m planning to keep the property.

I'm going nuts here trying to figure out how to properly set up a statement that shows my cash flow.

That is one of the paramount reasons we have licensing laws.Any agent engaging in such activities should be reported to the proper authorities.

He had a few other properties in Cancun, a lot in a development community right on the beach, and a pair of massive farms where he had big plans.

@Cary Forrest I think you are using proper numbers and being realistic.

Let's say the repairs + other costs amounts to roughly $10,000, I can sell the property for $40,000 - $45,000 at least, and it's still cheap compared to the others.Of course, I need to do further inspection of the property and properly crunch the numbers.

Some of the things I know I lack are construction knowledge, live hands on experience on a project, and proper financing techniques..Any advice on the right way to go about this or If anyone Is Interested In chattIng let me know!

It also helps to maintain a house properly to increase the life of a house.There are also newer built houses where corners are cut and won't last very long.Older houses should budget more for repairs.It would be good to get a home inspection on the house if you have the property under contract.

From what I've gathered already is to always look for;-3 years experience-3 referrals minimum-proper licensing -contractor carries good insuranceAny other things to look for in the future?

As has been mentioned already, you know what you have available to you, and you can make sure to calculate your costs properly to ensure any deal you are looking at really works for you.