A good point - important to find lenders that are AirBnBRRRR / MTR friendly, especially in the current rate environment when its hard to cash flow on LTR leases 

you can achieve a lot more than 1 house per year. what is your starting cash position?

You won't sell it if you didn't get permits as most municipalities require you to get a CO or the buyers will do an OPRA request and see you didn't pull permits.If you did electrical or plumbing without a permit, the walls will need to be opened up to expose the work.You won't be ready to sell in 3 months.

Cash is king, right?"

(yes, we should have done more diligence on her being a partner and not as a friend) We agreed that our share in the partnership will be based on the cash each contributed.

Eventually I hope to cash flow where I'm making larger outright note purchases, but for now at my price point, smaller CFD's (around $15k UPB) are what I can afford.Given that these are CFD's, I'm noticing that recording costs are a little heftier than just recording an assignment of mortgage. 

Any market and any property can cash flow.

So keep an eye out for any major improvements needed in the first few years of your ownership (roofs, exteriors, HVAC, electrical rewiring, etc) Things to know before starting: Make sure you buy at a basis in-line or below market comps (on a per unit or rent multiple basis).

.- Both boilers installed new 2017- Both electric panels upgraded 2015  - Shared Backyard access for bottom 2 units- No Parking, No Central Air- House built before 1900- Roof about 20Yrs old- Assume Fed cuts rate at least .25 point later this year Any thoughts would be appreciated.

If you are single or a couple agreeing to go on a house-hacking journey together, you probably want to maximize your mortgage paydown or make a small amount of cash flow.