When buying multi-family turnkeys, what sort of cap rate premium is expected/preferred?  

You pick an interesting time to jump back in my friend... it sounds like sleep is going to come at a premium in the next few weeks...

Charles,  Thanks for the encouragement what kind of real estate are you into in your neck of the woods?

And it's in a flood zone...I have nothing against paying a premium for an off market property that someone spent money to find and get under contract.

I have been interested in two separate locations, and while I'm sure none of you savvy investors want another guy preying in the same woods as you are, I'm hoping someone will be gracious enough to share their opinion.

I have 5 acres in the woods and I know the three houses across from me are rentals.

Turns out it's in a wooded area, too far from a hydrant and over 5 miles from a fire station.  

I'm hoping to come in at $100 per square foot (pop top and first level gut), but I have to put up new stucco and wood on the skin of even the first floor.

If you do close, its part of the title insurance premium. 

If you need the speed or flexibility, you'll be willing to pay a premium for the HML.