This means that I carry a greater equity position (lower LTV) and the overall return is not as good as a fully leveraged investment but that NNN lease (with 2% annual increase) still beats the unknowns of all the other inflationary expenses that could affect gross leases (like multi-family). 

@Alan Walker, just be sure to account for Capex items.  

Open carry? 

Checked off a bucket list item Monday last week playing a round at Pebble Beach...it was awesome.

The turn cost is the sum of the renovation cost and carrying cost.

There's only so many items but the volume is more about quantity of rooms.

Remember, you're going to complete the work per the draw schedule and then get reimbursed (not many lenders front the rehab money although some do).Your numbers have to be tight, meaning you have to buy the property right, understand your construction and carrying costs and they have to correspond to the market. 

This makes your other checks that much more important and you may ask for additional items (if you don't already ask) like bank statements, tax returns etc.Be sure to look up local laws regarding how much you can collect upfront, quick way to get in trouble if you exceed the local max.  

This is how HOA comes into the game of this transaction.2) The existing HOA document has 80+ pages and is a scanned version (so not text searchable), I don't have time to read all 80+ pages and site down with an attorney to modify item by item to what I need.

You might save some interest if you get 10 or 15 people working on different items at the same time.