Hi,I am closing on a duplex that needs a lot of work...a lot.

@Jaci Sattler when you cashflow will depend on the Property Class you target and how INTENSE & patient you are in looking for an acquisition.Many new investors think they have to pay close to market price for a rental.

Developing contacts with other investors may lead to useful information, assistance, and even joint venture prospects.Examine the several financing choices that are available for buying houses, including conventional loans, FHA loans, VA loans (if appropriate), and even portfolio loans from nearby credit unions or banks.You might think about contacting mortgage brokers who focus on investment homes.

We immediately go to our broker as soon as we are getting close to an LOI. 

My wife and I have one rental property and we are about to close on our first flip.

These two are close to both hospitals and after doing a little research the demand seems to be solid. 

Most of the time, you won't need proof of assets (bank statements) on a refinance because they won't be coming to closing with any money but if you want to be extra safe, you could ask them for their two most recent bank statements upfront.   

There is a thread on here, about them were and some more on google, took a little digging to find, but in short these things are NOT EVEN CLOSE to a good deal.

I do not think it is complicated to transfer the property under an LLC after you close on your deal.

Which is close to what you're estimating.