Two of the properties were significant rehab projects, and both turned out successful.   

.$215,000 Purchase Price$3,800.00 Projected Monthly Income (with all 8 units rented)(Current rent is actually $2,850 with 6 units rented)$2,177.50 Monthly Expenses$1,622.50 Monthly Cashflow13.92% Pro Forma Cap$29,928.00 NOI13.92% Purchase Cap RateTotal operating expenses: $1,306.00Mortgage expenses: $871.50 Vacancy @ 7%: $266.00 Repairs @ 5%: $190.00CapEx @ 5%: $190.00Insurance Est.: $60.00Management @ 10%: $380.00 P&I (30 yr, 4.5% estimate): $871.50Property Taxes: $220.00***Total Monthly Cashflow using 50% Rule: $1028.50

Rather than bore you with all the details, here are the numbers I came up with:$88,000 PURCHASE PRICE (They are asking 93k and the city values it at 96k)Purchase Closing Costs$2,000.00Estimated Repairs$500.00Total Project Cost$90,500.00After Repair Value$95,000.00Down Payment$17,600.00Loan Amount$70,400.00Loan Points$0.00Amortized Over30 yearsLoan Interest Rate4.250%Monthly P&I$346.33Total Cash Needed$20,100.00Vacancy:$30.00HOA:$86.00Repairs:$50.00Insurance:$23.00Property Taxes:$85.00$1,000.00 MONTHLY INCOME (Property is currently being rented til May for $925 a month, but avg. is 1,300 there.)$620.33 MONTHLY EXPENSES$379.67 MONTHLY CASHFLOW9.17% PRO FORMA CAP$8,712.00 NOI$20,100.00 TOTAL CASH NEEDED22.67% CASH ON CASH ROI9.90%PURCHASE CAP RATEAccording to the numbers I think it'd be a great investment if I could find a way to get the $20,100 I need.

It might depend on the are you live in, but here in Utah I don't have a hard time getting bids on projects for free. 

I've spoken with contractors and will meet with architect next month to get digital plans. were thinking of selling the project while I manage it boots on the ground. we will let you all know how it goes!!! 

There is some hands on exp but it’s mostly all theory and most of the information can be found online(I took a couple of electrical engineering classes) and to be honest the first thing most students do when they have any assignment and project is hop on Google....oh wow here’s the entire information or 90% of it and explained better....... most of what’s taught in school is now free online soooooo at this point it kind of makes you question traditional education since so much can be learnt for free or at a significant cheaper cost.

While we have some experience in rehab work we would like to hire a reliable GC to work on the project with us.

I currently have an investor, a project manager, and a contractor on board we just need the deals and that is what I am bringing to the table.

Hi Nancy, do you have any experience or a project in mind?

I should mention that my report date isn’t until July, and I do know some people who live down in MS already.Overall, I would just like to get some opinions on what might be the best way to tackle this transition.