If you exercised the option to Renovate using a 203(K) loan ORPurchase with a conventional loan, use your own money to renovate, and then refinance the money out after rehabbingHow did it turn out?

It's a flip, as was my last one, and my first deal is my home which we renovated and rent out two bedrooms to pay the mortgage.

TJ,Certainly there are investors who want newly renovated properties with new tenants from a turnkey provider.

I have done huge renovation projects and flips.

I have come up with some estimated numbers that look like this, after it is renovated:$700 mo X 8 units X 12 months =       $5600 mo/$67,200 gross projected income$67,200.00 - the operational expenses of 35%   = $43,680 NOINOI/10.5% CAP = $416,000.00 $416,000 - $180,000 rehab *(being conservative and assuming all work so far, aside from new material not yet installed, is a loss due to unlicensed work). = $226,000.00 asking priceDoes that seem right?

It's has confirmed some of my own inklings.I think the square footage is inaccurate as prior to renovation it was a 2 be/1ba.  

With my first house investment, I am looking for something to live in for 1-2 years and do some fixing up / renovating projects myself.

You generally won't be able to finance this acquisition, unless you do a 203k type purchase/renovation loan.

What are some of your experiences during the process, from application, to build up or renovation, & the lease-up/ renting years. 

Electric, propane gas and cable (available @ tenant's expense)It was completely renovated in 2001.