Mechanic, Engineering degree from aTm, Outside Technical sales...and now real estate.

Account Closed  Not to be a know it all,, but you don't get cap rates when you take back a owner carry mortgage you get interest income and rate of return... you keep say the exact same thing in almost every post... at least get the mechanics correct other wise your credibility will get bruised here on BPit sounds like you and Joe Pickett work for the same guy.. at least you guys say the exact same thing.. so I got to think this is a sale pitch your doing.just like the west coast TK marketers that come on and say the exact same thing every post  IE I only buy for cash flow and I only buy out of CA becaue CA has no cash flowthese post are really getting old and silly in my mind.

Does your partner have experience managing flips, do they understand local codes, can they pull permits, can they do drawing, can they inspect and certify the mechanicals, do they know bad plumbing when they see it, do they have a stable of sub-contractors they can pull from and who will make your partner their priority? 

Make sure you are conservative on the numbers, and consider major items such as mechanical systems, electrical (service type, aluminum vs copper), sewer line age (age and trees on property), etc. 

I'm wondering if one or both are running a mechanic business from home.

Maintenance is low too depending on age of units and mechanicals.

isn't a full gut, but needs a significant rehab"...which is obvious....and thats without seeing the basement, where the mechanicals could indicate a lot more.

The Raleigh home is an early 70s with good mechanicals new windows and roof. 

I have been doing some complex mechanical  engineering not related much to real estate busines, but I am building a team that can take it all engineering aspects of the buildings. 

You may find that mechanic liens have been recorded in the chain of title against the property.Who knows, this may be an awesome opportunity.Happy Investing!