Anyone recommendations in the Birmingham, AL area would be greatly appreciated.I currently have a real estate agent that I'm very happy with who is investor friendly, and very savvy.See my profile for contact info, and thanks!

There is a real estate investor buying rehabs in San Antonio TX with private first mortgages, with no due on sale clausesThen selling the homes without improving them on wrap around mortgagesWrap buyers are owner occupants RMLOs are used to underwrite the wrap buyersIf you sell on wraps with RMLOs it is my understanding of Dodd Frank there is no limit on the number of deals you can do.

My first step would be to get on the phone with each of the utilities and see what is even feasible.Quite often you are limited by infrastructure and those limitations will cost you to improve them.

I'm partial to lower CAP rate properties that have room for some improvement (such as this one).  

One of the principals is here on BP, but with no profile, no posts, no activity.  

I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc. 

If they have some people they regularly work with and are trying to make something really work, have them check if they can do even less.As a general rule, you need to evaluate your own risk profile and how much you really want the property.

Sorry to be dense, but let me run it through one more time to be sure I understand.Purchase price + improvements $100kDepreciation 20kAdjusted basis 80kNet sale price 180kCapital gain 100kYou seem to be saying this in the post I quoted:Ordinary taxable income after deductions 30300 - tax 3618 Depreciation recapture 15% of 20k                      - tax 3000Capital gain at 0% 25k                                          - tax 0Capital gain at 15% 75k                                        - tax 11250Did I understand that correctly?

All improvements are in and plotted ready to build on.

OR perhaps its because your profile is private?