The numbers look like the following:Acquisition Cost $225KRenovation Estimate: $35K ($20K funded by the bank/reno loan - $15K out of pocket)Downpayment; $25K (10% of $245K) ARV:  $350K (Conservative)LTV: $63%This single family is located in one of Fairfield County's Gold Coast Towns (location to be disclosed post closing), commutable to NYC, with a strong rental base (A class). 

I haven’t owned a property long enough to start revisiting rehabs but these stories are gold!  

Could be a gold mine. 

As someone who has been through the gamut on tenants and property managers, finding good ones is really worth it's weight in gold!

It almost feels like we are the last miners in the gold rush to show up. 

Your borrowers should pay for all of this, by the way.And yes, you absolutely should be asking what the money will be used for.It's called the Golden Rule: "Those who have the gold make the rules."

Its a lot of fun researching through 85% crap to dig out the gold.

I have a few close relations in gold mining and they keep hammering at me to fund some operations and it's that whole speculative aspect I just can't ever get past.

Its a good way to get nuggets of information and find people with interests similar to yours to network with. 

Go for the gold and believe you can achieve your goals!