I just took a quick glance at a few for you and see that prices seems to be in the $10-12/SF/Yr (per square foot per year) range.

Plus not to mention the added maintenance issues you have with 10x the foot traffic.

I think I understand the reasons for wanting to start such a group..when I was brand new to real estate it was very intimidating networking with seasoned investors so I found my footing in a group of people that were on my level.  

@Michael Dee makes the same point, you can house hack for a while to build funding, if not get your foot in the door, if I gather it right it sounds like you want to rehab?

@Jerry Padilla Ok I'm going to talk to some lenders and see what I can do to get my foot in the door.

We ended up offering on Frank's P&S contract.You are on the right foot re how you calced the offer price!  

@Michael James Brooks I never use square foot, its 100-500/slab, that's 8'.

You can also estimate using something like this: cosmetic repairs = $15 per square foot.

I know for my family growing up in the DC area getting their foot in the door in a great school district with a house that has appreciate a huge amount.

Would like to get my foot in the door with my first deal within the next 6 months.