I will post some pictures once project is completed. 

When I have done reno projects in the past, they only required Builder's Risk for flips or very distressed properties I was going to buy and hold. 

Two of the properties were significant rehab projects, and both turned out successful.   

.$215,000 Purchase Price$3,800.00 Projected Monthly Income (with all 8 units rented)(Current rent is actually $2,850 with 6 units rented)$2,177.50 Monthly Expenses$1,622.50 Monthly Cashflow13.92% Pro Forma Cap$29,928.00 NOI13.92% Purchase Cap RateTotal operating expenses: $1,306.00Mortgage expenses: $871.50 Vacancy @ 7%: $266.00 Repairs @ 5%: $190.00CapEx @ 5%: $190.00Insurance Est.: $60.00Management @ 10%: $380.00 P&I (30 yr, 4.5% estimate): $871.50Property Taxes: $220.00***Total Monthly Cashflow using 50% Rule: $1028.50

Rather than bore you with all the details, here are the numbers I came up with:$88,000 PURCHASE PRICE (They are asking 93k and the city values it at 96k)Purchase Closing Costs$2,000.00Estimated Repairs$500.00Total Project Cost$90,500.00After Repair Value$95,000.00Down Payment$17,600.00Loan Amount$70,400.00Loan Points$0.00Amortized Over30 yearsLoan Interest Rate4.250%Monthly P&I$346.33Total Cash Needed$20,100.00Vacancy:$30.00HOA:$86.00Repairs:$50.00Insurance:$23.00Property Taxes:$85.00$1,000.00 MONTHLY INCOME (Property is currently being rented til May for $925 a month, but avg. is 1,300 there.)$620.33 MONTHLY EXPENSES$379.67 MONTHLY CASHFLOW9.17% PRO FORMA CAP$8,712.00 NOI$20,100.00 TOTAL CASH NEEDED22.67% CASH ON CASH ROI9.90%PURCHASE CAP RATEAccording to the numbers I think it'd be a great investment if I could find a way to get the $20,100 I need.

It might depend on the are you live in, but here in Utah I don't have a hard time getting bids on projects for free. 

I've spoken with contractors and will meet with architect next month to get digital plans. were thinking of selling the project while I manage it boots on the ground. we will let you all know how it goes!!! 

Student loan crisis, war, oil crisis, political turmoil, natural disasters, are just a few things that can push us the wrong direction.As far as low unemployment, I was in the work force back in the late 1990's.

While we have some experience in rehab work we would like to hire a reliable GC to work on the project with us.

I currently have an investor, a project manager, and a contractor on board we just need the deals and that is what I am bringing to the table.