I don't like FHA, if it can be avoided.As far as the analysis:I would definitely budget more than $2k for initial repairs.

So I would expect the apartments to do alright after the initial dip.

As we're looking at expanding across the river into MO the initial plan we were given was to create a MO Operating LLC as well, incurring another $800/yr feee to CA.

As April 1st has now rolled around, most property owners and asset managers will be seeing the initial results of the economy and pandemic affecting rents. 

The current expense percentage (including set-a-sides for vacancy, repairs/maintenance, property management, CapEx, insurance & taxes) is 49%, giving us an initial CoC ROI of 7.7%.

I've had Lenders initially offer us an Interest Only (IO) Period and state that if things worsen with the pandemic that they'll most likely convert to a Deferral Program;Best of luck to you moving forward!

In the BRRRR calculator a property would be -315 cashflow after refinancing  but in the initial rehab part it cashflows up to 12%.

I believe Dave's initial investments didn't cash flow which is why they got him into trouble. 

Include a budget for initial repairs.

I am consulting with a RE crowdfunding online marketplace to help them determine what, if any, sustainable initiatives (solar, low flow, LED, water harvesting, etc) have a positive ROI or can attract institutional investors.