Once I have this criteria sorted, I look what development is going on and what appears to be the "path of progress".

Your best investment of your 10k cash TODAY appears to be paying off your credit card.But creativity is what drives real estate forward.

While 50% may appear to be high!

Working with a local bank on financing and it would appear that we should get a pretty nice mortgage that way and follow the advice of Darren to hold onto the equity line for acquiring future projects or for rehab.  

If this is industry practice, then it appears that a C-Corp is not able to leverage real property investments (assets) for additional investments.

Can you use city maps or other records?

The rest of them really do just appear if you're connecting with others more experienced than you and asking the right questions.Thanks for all the kind words guys and girls. :)

Total Expenses: $8,734NOI: $17,380Vacancy Rate: 6% (agent said to use 10% to be safe for this market)My calculationsIncome: $26,352 (@ $549/unit)Expense: $15,811.20NOI: $10,540Comparable properties in the area rent for $500-800 in the area, water and/or other utilities seem to be included in some combination in most other rentals locally.And I looked up the assessment/tax info again (appears to be listed per unit with county)Assessed value: $32,147 per unit x 4 = $128,588 totalNet tax: $642 x4 units $2568We are seeing the properties today so I'm hoping to verify some of the actual numbers.

Do some more reading about deals with family members that are posted here, especially deals where one party is lousy with money like your brother appears to be.

However if the lease the husband signed had already been signed by you, it would appear you do have a legitimate lease with the husband at the full price.