It's easier said than done, we like to tweak and "fix" things.Malkiel's classic, A Random Walk Down Wall Street does a great job covering systematic and unsystematic risks.

I assume he wouldn't want to do more than 10 years but that would be pushing it.He is trying to give me a deal but the property is in the middle of properties selling for $30k and $50k+ on Cummings Street.

I haven't achieved this yet, and frankly speaking, I recently realized that working in such a 'wall street' type firm won't take me very close to my goal. 

@Joseph McmahonWelcome to the vibrant BP community.

Plus right down the street there building brand new at 160k.

If it's really old you could have a galvanized water main going to the street as well as a host of other issues.I think 15,000 a door is about right for the size of the units and fixing the outside as well given that there are no more other large surprises that could run the total cost up.Take 42 units at 15k a unit rehab = 630,000If landlord is to pay water you use 60% for total operating costs averaged over time.

This does not sound like you are speaking to someone from US Bank but rather a street broker promising to get you some REO.

I believe I now live on an island, the lake over flowed and streets are covered all around me, but I'll throw it in 4x4and go!

Take someone off the street who knows nothing.

Jessie Street?