My total out of pocket is $85k.From my understanding, it being 7 units, the property is appraised based on NOI/Cap rate.

Now, I understand that markets ebb and flow and that is life, but a thought came to me: why sit in a traffic jam when I can take a new lane to the same destination?

I understand that 10% of gross rent is a standard  management  fee.  

This will help you determine how you can start analyze deals and understand your target market.

If I understand correctly you're starting with 70% of ARV Subtracting 25k and that's your offer price? 

Ask them how applying for the loan together vs separately will change your options for properties today and ability to get a second property later.Talking to a local lender is the best way to understand your lending options.

Hey BP community, I'm trying to get a handle on the BRRRR strategy and although I think I've got it I have 2 quick questions:1.) For the initial loan to obtain a property, does it make sense to go with a shorter term ...

@Wayne BrooksOkay I understand now, prior I didn't quite understand the contract concept but now I get it.I am probably not going to pursue the property because of the fact that it's already under contract with a realtor.

Now I'm questioning if I didn't hear back because things did not go well or because we are all too busy to keep up with requests, which is understandable.  

Keep in mind these are assumptions and I understand things can and do change.