I struggle with narrowing down, as someone who works as a construction manager, my initial desire is to build or renovate. 

I purchased a house using the listing agent as my buyers agent, I made an offer that was lower than another competing offer and also negotiated 4% off the initial offer after inspection because I was prepared to walk away.

After 2 years, refi and pay the investor their initial investment + 10%.  4-unit apartment building (all units 2 bd/ 1 ba)3472 Sq FtRent: $740/unit/mo Price $ 195,000.00 Down Payment(%) 20.00% Down Payment($) $ 39,000.00 Closing Cost $ 9,750.00 5.0% Estimated Rehab $ 10,000.00 Total Invested $ 58,750.00 Principal $ 156,000.00 Int Rate(%) 4.50% Loan Term (Years) 30 Mortgage $790.43 $ 9,485.15 70% Rule ARV $ 292,857.14 Income Rent ($) $ 2,960.00 $ 35,520.00 Estimated Expenses Expense Monthly Annual Vacancy (5%) $ 148.00 $ 1,776.00 Prop Manager (10%) $ 296.00 $ 3,552.00 Utilities (100/mo) $ 100.00 $ 1,200.00 Prop Tax (3%) $ 487.50 $ 5,850.00 Insurance (100/mo) $ 100.00 $ 1,200.00 Repair/Maint/CapEx (100/unit/mo) $ 400.00 $ 4,800.00 Landscape (60/mo) $ 60.00 $ 720.00 TOTAL $ 1,591.50 $ 19,098.00 Cash Flow Tot.

After 2 years, refi and pay the investor their initial investment + 10%.6 unit (all 1bd/1ba) Property - 3950 Sq Ft  Price $ 190,000.00 Down Payment(%) 20.00% Down Payment($) $ 38,000.00 Closing Cost $ 9,500.00 5.0% Estimated Rehab $ 5,000.00 Total Invested $ 52,500.00 Principal $ 152,000.00 Int Rate(%) 4.50% Loan Term (Years) 30 Mortgage $770.16 $ 9,241.94 70% Rule $ 278,571.43 Income Rent ($) $ 3,300.00 $ 39,600.00 TOTAL $ 3,300.00 $ 39,600.00 Estimated Expenses Expense Monthly Annual Vacancy (5%) $ 165.00 $ 1,980.00 Prop Manager (10%) Self Manage Self Manage Utilities (100/mo) Tenant Pays Tenant Pays Prop Tax (3%) $ 475.00 $ 5,700.00 Insurance (100/mo) $ 120.00 $ 1,440.00 Repair/Maint/CapEx (15%) $ 400.00 $ 4,800.00 Landscape (60/mo) $ 60.00 $ 720.00 TOTAL $ 1,220.00 $ 14,640.00 Cash Flow Tot.

Richard:I personally do not know of any, however, I didn't know of any in our area initially. 

Have you considered deeding the property to a land trust where you are still the initial beneficiary?

If he was asserting that the initial cash flow is poor he would be correct.  

Yes, initially I thought I will pay through my income, but was not sure about it.

I will initiate with that conversation.

How long is normal to make initial investment back?