You'd be looking at 4800sf if you get the full benefit of the upside, and you'd you see $3.85M (Not too long ago people were paying $1k psf... but you'll never see 4.8M out of this property... at least not this go-around) ~ But I always look to add a big cushion on the reno side, hence my $800K-$1M range in initial post. 

When we did start looking, we initially wanted a multifamily for the obvious security in knowing if one tenant does not pay, there is still another to cover the mortgage.

I’m seeing more of a flip market but in initial research phase.

If you have difficulty finding a position initially, try and find a position as a Processor or Loan Officer Assistant, get some experience for a year or so, and stay on the lookout for new MLO openings as you gain experience!

Being that I would be working a w2 job, I wouldn't really have time to be actively involved in flipping houses, and I feel that returns may be more favorable in multifamily investments/SFH over syndication with what I have to initially invest with (unless im mistaken?).

You may also be able to refi-cash out to repay the initial down payment or jump into the next deal.

Best initial cash flow is in the working class areas and not the hip areas that many young couples would prefer.SFR purchased at retail will be cash flow negative. 

Initially the profit was not that much higher on the STR than if it were a LTR and we had periods (including the Great Recession) were we converted back to LTR during the school year and only STR during the summer.Today the STRs are virtually 100% occupied year round and bring in significantly more than they would as LTRs. 

You make the initial contact.

His credit score, background and income are all verified and qualify him for the unit.