This is a foreclosed condo.2 bedroom, 1 bath 924 sq ft condoPurchase price: $65,000 Estimated repairs: $14580 ($15 sq ft estimate) for carpet, paint, kitchen, light fixtures.ARV = ~$100000 - 110000 (Based on what the same condos sold for recently)20% down payment at 4.5% over 30 years.

Or I guess you could make add him as a member of the LLC and then remove him after, but that seems messy.

We put some money (about 10k) into the renovation of the house and replaced all of the carpet with wood-faced tile as well as replaced the cabinets and countertops in the kitchen, both bathrooms, and added a small dry bar area.

We put some money (about 10k) into the renovation of the house and replaced all of the carpet with wood-faced tile as well as replaced the cabinets and countertops in the kitchen, both bathrooms, and added a small dry bar area.

We put some money (about 10k) into the renovation of the house and replaced all of the carpet with wood-faced tile as well as replaced the cabinets and counter tops in the kitchen, both bathrooms, and added a small dry bar area.

Is the unit carpeted or bare floor?

On the other hand, If my aim is to keep my current tenants, My thoughts are to increase the 2 bedroom rent to $1400 without renovating completely, I may offer to paint the apartment and throw down new carpeting in the bedrooms. 

I am sure if you look at what Memphis invest is doing - they are probably buying these wholesale for 50k a door, spending 10-20k on a fresh coat of paint and carpet and then marketing them as turnkey to out of state.

Can you use sheet vinyl floors or carpet or do you  need high quality flooring and hardwood floors. 

Also, can I charge a reasonable rate for my time to make some of these repairs since I did so myself (i.e. fixing the wall, touch up paint, cleaning the carpets, etc.)?