Treated for bugs, replaced the interior and exterior "Zinsco" Breaker and service panels ($10,500), remodeled 2 bathrooms, replaced 3 of 5 water heaters, smoke detectors, added kitchen and bathroom GFCIs, 1 AC unit, 1 new dryer, replaced 2 windows, repaired several more windows.

Purchase price: $203,000 Cash invested: $40,000 Single family 2 bedroom 1 bath in Key Largo FL, not on the water but has an HOA park on Florida Bay with beach, dock, and boat ramp What made you interested in investing in this type of deal?

Finding out city zoning for new construction on this property, finding out about environmental impact, speaking with the development head in the county, also getting information on the water sewage and electric for the property and what it’s connected to.I offered one of the investors, let’s do the flip.

Not sure what type of water shut-off values to use.

It does cash flow better then a SFH, you are correct.In my case:- it had to be re-zoned as MF with the city- an additional post office address had to setup (1A, 2B)- natural gas line was split and 2nd meter was added- 2nd electrical meter was added outside- 2nd electrical circuit breaker panel was added in the basement next to the other panel, and all the wiring for upstairs unit was moved into it- city does not allow for a split up of incoming water to add 2nd meter so both units have to share it.

Im asking for your help and advice on this deal.The park is on 7 acres, currently has 12 pads, all tenant owned, $375/month pad rent, tenants do own yard work and maintenance, tenant pays for electric, owner pays for water/sewer/garbage/roads.

In any event, the leak in bathroom 1 and leak in bathroom 2 resulted in my water bill spiking up more than $1,000 (above and beyond the norm).

We compromised and said, we will pay the excess water bill if the tenant continues to pay rent (mistake # 2).

They'll run water down every drain and if it drains, they'll state the plumbing is working as intended. 

Unfortunately, the costs they have to pay for undetected water damage and various other defects and many broken windows were much much higher.