If so, I'd underwrite it with a range of interest rates and see where the deal breaks.  

Couple things you have to worry about if you purchase an existing LLC membership interest (i.e. you purchase the membership interest in the LLC rather than the asset) - is that you inherit any liabilities that the LLC may have - this can range from taxes to a person who slipped and fell 6 mos ago and is just about to sue the owner. 

You can still find great deals for cash flow and count on appreciation in the $400-500k price range.

@Dave DeMarinis I have been looking at properties in the Dayton area and I have seen rates as high as 6% of purchase price but most are in the 3-4% range.

@Christopher Olsen Make a spreadsheet of the MSA trends over the past 10 years like: vacancy, job growth, population growth, job diversity, supply & demand, taxes. 

Not sure yet, looking at comps I am hoping to sell in the $120,000 range so that would be roughly $50,000 in profit.

And if I was looking more towards that 400k range would also consider pg and Anne arundel county.

If you have a good PM and contractor in place, I don't think it is impossible to find those kinds of numbers on the buy and reno side but you will be looking more at the $800-950 range for rentals in those areas and might have trouble getting section 8 tenants.

Most duplex we see around Fort Worth within our range and below are run down and we are scared of chewing too much with construction costs.

There's more paperwork and you don't automatically drop PMI once you hit 80% LTV.I don't see any advantage of using a private lender unless you have some unique circumstances.What price range are you considering?