Last question :) My model is based on a $4,500 rent - do you think it is reasonable to expect that rent for a renovated 4BR ?

@Alesha Rayford the cat is out of the bag....you have to go into damage control mode.  

(Disclaimer, you have to pay the taxes on that 10K the following year.)Also, opened up a few credits cards that have 18 months or 15 months 0% interest on Purchases so I could survive/live comfortably during my reno process and pay my mortgage using my active income.

In no particular order:BiggerPockets Podcast 248: From Shop Teacher to Multifamily Syndicator with Todd DexheimerBiggerPockets Podcast 163: Making Your Real Estate Business Soar While Working a Full-Time Job with Bill AllenBiggerPockets Podcast 165: Limiting Beliefs That Hold You Back From Incredible Wealth with Natali Morris"BiggerPockets Podcast 179: Doing the “Impossible” by Buying 100+ Units in His First Two Years with Dale Hensel""BiggerPockets Podcast 182: 674 Multifamily Units in Three Years with Jake & Gino – [Corrected]""BiggerPockets Podcast 200: A Step-by-Step Guide to Buying Your First Real Estate Investment""BiggerPockets Podcast 201: Flipping 100+ “Zombie” Houses with Justin Stamper""BiggerPockets Podcast 217: How to Work Less and Earn More Using the 80/20 Rule with Perry Marshall""BiggerPockets Podcast 223: How to Become “Set for Life” Through House Hacking, Frugality, and Maximizing Your Income with Scott Trench""BiggerPockets Podcast 225: Surviving a Real Estate Crash and Investing Out-of-State with Kathy Fettke""BiggerPockets Podcast 077: Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael Quarles"BiggerPockets Podcast 008: Learning to Be a Profitable but Ethical Landlord with Al WilliamsonOne of my favorites.BiggerPockets Podcast 004: Commercial Real Estate Investing With Frank GallinelliGreat book."

This model is totally doable, we use it to cold call for listings for real estate agents, should totally be doable for investors.

I bought in 1997 and survived the 2008 down turn. 

This is a business in which no good deed ever goes unpunished and tenants never have any positive feelings toward landlords.If you want to survive you will learn this business has zero tolerance for compassion and there is no room for feelings.

I asked if you could survive the downturn?

We spent two years scratching and scrapping to survive the project before we could get it on the market and sold.

Why would there be bargains, if everything sells for full price in a very short time.Now if your financier insists on buying property, fully aware we are late in the cycle, and wants to gamble on appreciation in a highly cyclical sector then fine.A multifamily with no mortgage imho would be a much better proposition for you both as it will throw off cash and survive a change in conditions easily (without a mortgage)It wont be a bargain, but relatively safe