This is why Brandon Turner always talks about putting PM fee in your projections before buying properties, so you don't get stuck later.

Should we proceed with this project? 

Your education will be priceless and if the project makes money thats icing on the cake.

Good luck on the projects!

My husband and I got wrapped up in a renovation project and we were working late all weekend. 

The reason to seek out BRRRR deals is to preserve capital for the next project so you aren’t waiting years to scale.

Offer whatever you can offer based on your rehab numbers and projected ARV, not what they want.

Therefore, most underwriters take the loss to lease percentage of the gross potential rents number and apply that percentage to the pro forma projections or assume they can operate the property better by leasing units strategically by having leases expire in hotter (temperature and demand) months, thus applying a lower percentage of GPR loss to lease (typically 2% to 4%).

There are groups providing TK properties,  and land banks looking for partners in neighborhood redevelopment [as seen in Detroit (from last season's "This Old House" project)]. 

On my investment projects I look at DIRT FIRST(location), then building, then tenant.You already need a defensive plan going in and a WHAT IF for options that pencil out and still make a profit.A harder one I have seen is a Sonic.