Action is the thread - not perfect action, or polished action, but informed action and a willingness to look silly and fail along the way making changes as you go.

You also want the following:personal property and equipment inventorycopies of all service contractsany available blueprints or surveyscopies of any equipment warrantiescopies of all leases and a rent roll ( the two should match up)list of security deposits (should match leases)list of employees and salaries (contracts if any)have all the building systems inspectedpersonally walk every unit (verify they are occupied and overall condition)I would get a phase 1 environmental for a property that large, if sellers can provide one greatThese are after you have signed a purchase agreement.

My US house is a perfect tool for learning how to invest.

I've always been interested in becoming financially successful - and after an undergraduate, and masters degree - I realize my best opportunity is NOT in corporate America :) I've always been a reader on finance, investing, real estate - so this is a match made in heaven.I'm going to be buying my first home in the next 12 months - so I'm hoping I can make a wise decision that could also double as an investment now, or down the road.

Thanks Matt, that was perfect, and exactly the type of information that I needed to see.

Either way will work for you because it sounds like you are the perfect FNMA borrower; good credit, W-2 income and cash reserves.

I would estimate higher and look for current examples in your area that match your property type your interested in and calculate the loan based on that.

Since there are not as many cash investors here and banks won't lend on properties that are not in nearly perfect condition, the Realtors know they need to price the properties appropriately for rehabbers to make some money.Also note, not all the properties that need work here have suffered flood damage; many have just been neglected for years.

Now, since you are building you are in the perfect situation to use Cost Segregation.

Hey @Kalonji Mitchell perfect!