Hey @Tim Wilkinson,It looks like you've received some good feedback on this one from @Aaron Montague, @Shaun Reilly, @Brian Gibbons, @Joe Kling and @Priscilla Z..The 70% rule ensures you have some margin if you're doing a traditional flip in an average price range.

@Tom HarringtonThere are two main advantages an LLC has over anS-corporation.One advantage is that an LLC is governed by a private Operating Agreement that affords the company a tremendous amount of flexibility, whereas an S-corporation is governed by statutes and bylaws that limit the flexibility the company has with respect to management, profit distributions, meetings and more.

Those vets get my respect.

The original rehab plan came back with bids ranging from $110-150k.

A multi unit near a college, with what sort of price range.

If you can calculate a range of possibilities and figure out how you would handle the absolute worst case scenario, and that's not too bad for you, then you go for it. 

Central AC is a plus around here but in the 190k-210k price range we find that central AC is definitely a plus but people do not necessarily expect it as a given.

With 40 rental units ranging from apartments to multi-families and single family homes, you can image the turn over that I have had over 13 years of being a Landlord. 

They can be very expensive in that price range. 

I would recommend learning the market you are going to be investing in and determine your criteria (location, price range, type of property, sq footage, beds, baths).