Once I do I want to keep it as simple as possible with smaller multi-family properties with lots of room for improvement and go from there.

It means I am betting he won't pony up the monies to correct the issues and likely won't agree to pony up to make me whole to walk away, thus, I will likely have to go to court to recoup my funds (EMD and costs I have unnecessarily incurred due to his failure to disclose pertinent information per the contract.As to the other question regarding my expected ROI, this was to be a buy and hold with about $250k in rehab (deferred maintenance and improvements).

I chose to be a Keller Williams agent for the simple fact the founder has authored and co-authored several books on investing and self-improvement.

You have to account for accrued depreciation, improvements (not repairs), selling and buying costs...

@Jennifer Allen I think the main unanswered question here is are you after the extra cash flow or are you trying to improve your retirement account?

It is near my current residence and work.I hope I can find help/advice/tips and network through this site and in time return the favor as I grow and improve in this endeavor.Sorry for the essay!

-- Start with your last tax returns: take the amounts for property, capital improvements etc, depreciation and enter a journal entry. -- Add your loans balances as of 12-31-2013--Any money your borrowed or you invested 

If the property is in maryland , you may have recourse thru the Md home improvement commission .

Also is the LTV on purchase price or appraisal or improved value?

They should be able to give you comps in the area and (especially the appraiser) should be able to give a ballpark figure for what it would be worth with the improvements you're planning to make.