Perhaps hire a property manager to handle the phone calls and factor in the (depreciable) window, kitchen, HVAC costs?

You'll want to consider full costs upfront and an architect + contractor team is helpful in that process.

Why not buy it with private money, borrow enough for the purchase/repairs/carrying costs, and then refinance once the repairs are done?

You should also set aside money as a reserve for vacancies, turnover costs, bad renters, or capital expenditures (roof, flooring, and other big expenses).

Check out the full article here: [Link to Business Insider article](https://www.businessinsider.com/

That'll require you to determine how much the rehab will cost and pay that up front.

There was a relatively low cost to purchase and rehad the property.

Check out the full article here: [Link to Business Insider article](https://www.businessinsider.com/

This is because of less vacancy/turnover, rents increased much faster, less tenant damage, less maintenance and repair costs, and most important of all MUCH higher appreciation due to being in more desirable areas that actually improved instead of staying stagnant like many S8 areas. 

I designed a 2 bed 1 bath stacked triplex that fits on a 30' wide lot with 3' side yards and we can build it for $174 a sq ft hard cost. we do them where the land is 10% of after repaired asset value which in our market is 50k approx. we study multifamily trends and stay with it.