There is plenty of material here on this site to get you started.

Utilities for all apartments would be separate.I asked the local codes enforcement what would change if I did make this into a three unit and he warned me that I would be required to have a sprinkler system in all units and an alarm system.

I have not spoken to the owner yet (but will) but my friend also said that the property has had full vacancy for over 3 years (mostly elderly people), Utilities are metered individually, refrigerator, gas range, washer/dryer hookup in each unit.

Wondering who pays labor and materials for the rehab and how that cost is divided.Management then would seem to need to be an infinite time frame.

If that is the case there is at least two entities putting a 15-25% markup on the materials.

They could wholesale it for 5k and their funds would be utilized for 3 days.5k profit / 154k total investment = 3.2%365/3 * 3.2% = 389%If you could retail it for 30k after 3 months.30k profit / 175k total investment = 17.1%365/90 * 17.1% = 69%Earning a consistent 389% return would mean your money is "perfectly" deployed.

Also some the utilities data.

If they focus on making quality material and present well people will naturally come up to them at the end of the presentation.No hard selling needed or wanted.I attended a Jeffrey Gitomer seminar a long time ago before he was big.It was at the wold pizza expo in Las Vegas when I used to own a restaurant.

What about property management, investment property specialty, short sales/REOs, creative skills applied to web site design for brokerages, wow them with your sample marketing materials?

Material + Install and for how many linear feet?