@Joe S.We do all three.Our agents use internal comps from our project management department to be able to project out soft quotes for clients.

My main concern is just the lack of actual cash flow after all hard and soft expenses are built in.

I've ordered the BRRRR book from BiggerPockets, and I've listened to BP Episode 327 where they do a BRRRR deep dive where David softly advised against this (@ 1:19:48 in BP 327) because it wasn't efficient, but I wanna learn more and see if it would be a good-enough way to get into real estate for someone in my position.I'm estimating that by the time I'm ready to buy--November 2022--I'll have $70,000 (not including my emergency fund) in cash for everything: cosmetic-only renovations, initial down payment, closing costs, etc.

@Joshua KolnitysThe development costs you mention are not actually development costs, they’re soft costs.

Why should your wife not be able to but all the makeup she wants at Nordstroms because you have a mental issue in regards to charging what the tenant should be paying.It is not your fault the previous landlord didn't charge the market price for the rents and there is no reason you need to be soft in the head from now going forward.I have one brat who just started college in Fairbanks Alaska and another who just started at Ohio State University. 

I've completed most soft costs but am getting squished between material prices and the threat of higher interest rates (15 units).

Here are the basic steps for investing in a real estate syndication:The sponsor announces that the deal is open for funding, usually via email.You review the investment summary deck and decide to invest.You submit your soft reserve, telling the sponsor how much you’d like to invest.

It's the cheapest unit (about 20-30k cheaper than other current comps that are rehabbed) in the building and needs some light reno (floor, paint) and has a long-term tenant in the unit that has been there almost 20 years. 25% down (investment), 3.19%The drastically-below-market rent the tenant pays JUST covers the mortgage/taxes/hoa/ins but no "soft costs."

The key is DO NOT soak the dry wall until soft.

Using established value of made up property from a CAP rate of 6% say $1 million dollars.If hard costs are $500k and soft costs are $100k$1 million minus $500k minus $100k would give us a property worth of $400k.