Total value is $1.5-2M.

@Dylan TranIt appears that the LLC has 3 members and it made a total of $30,000 profit in 2017.It also appears that the activity of the partnership is flipping homes.If this is the case - the partnership will file a partnership return and provide each member with a K-1 listing out $10,000 of ordinary income that is subject to self-employment tax.

I totally agree with you, Anthony, and it makes much more sense to me now after reading your response, so thanks again for sharing.Another long-term goal of mine is to own and operate a vacation rental in Orlando/Kissimmee.

For me, to do a total renovation on a unit will cost about $10K maybe $12.5 if I put new appliances. 

The renovation took 4 months and cost about $12,000 total because I did 90% of the work myself. 

If you aren't taking any profit on the performance other than a total of 5% for managing, then that seems better. 

I ran the numbers on my own and I got wildly different calculations.4 units are 2bd/1bth and rent for $5501 unit is 3 bd/2bth and rents for $675Total rents of $2875Owner pays some utilities at a cost of $8,800/ yearHere's what I got running it with the BP Rental Calculator (as self-managed):-Purchase price of $250,000 (I did estimate of $300k ARV price)-25% down: $62,500-Amount financed: $187,500-4.5% interest: P&I of $1,042.19-Capex: 7%: $201.25/mo-Maintenance/repairs: 7%: $201.25/mo-Vacancy 5%: $143.75/mo-Property taxes: $191.67/mo-Utilities: about $733.33 mo-Insurance: $220/moNOI of $14,209Income $2,875.00 - total monthly expenses (including debt service) $2,733.10 = $141.90/mo cash flow and 2.64% COC with a purchase cap rate of 5.68%.I told her I must be missing something, and she asked if I “had the NOI at $21,662?”

Totally agree with you. 

Totally discounting the immense cost & infrastructure a property management company needs to take on to operate is pretty silly no?

Totally excited and a little terrified at the same time.