I live in a small town, although we have TWO granite quarries and about 25 installers (total "metro area-4 towns in 2 counties is less than 25K people) and cheap labor, central TX and it's still going to run about $55-$60 sq ft, including edge beveliing, around here.

The insurance is also totally different.

Or must I buy an totally new property with the proceeds around that same time?

basically what i'm saying is just be totally honest - you're not contracting these properties with any intention of actually closing on them yourself.

It depends where you are located, but there is a hard money loan program that will; here are the details:100 LTC (between 65-75 ACV)10.99%~11.99%4-5 PointsSpec or Owner/Builder Allowed6-18 month maturity (extendable to 5 years)Interest Only PaymentsRepayment is based upon disbursed funds not total loan amountNot FICO Driven (equity driven)No Reserves RequiredIndividuals, Corps.

The prices may be quite a bit lower, so ask yourself why--one reason is that the dues, fees, fines, and assessments can/will be increased/added sometimes for reasons with which you totally disaagree, that might be harmful to your unit, and that you have no choice but to comply with.

So I collect $5k + $1700 first month rent up front, for a total of $6700.

This is totally a function of cost and scale of what you trying to manage.

With real estate investing if I put good in, I get good out, with most jobs you can put good, or even great in, yet you are totally dependant on what the human filter between you and the end.Any hardworker who has been downsized will tell you that.3.

Before that the maximum fine was 6500.00 per occurance and 1.25 mil total fine per year on a lender.