Not saying it's impossible, but the deal is going to have to fire on all cylinders for it to have a chance at that LTV.If that is the benchmark you need in order to pursue then your local lenders are your best bet.

Fire at will Max. lol

After you get your feet wet, and if your state allows it, you can do work in other areas as well.If you're working with an appraiser you'll find that it depends on the purpose of the appraisal.Attorneys have appraisals done for estates, estate planning and trusts, tax purposes, commercial properties can be done to adjust assets on the books, bankruptcies will often get an appraisal, so the type of work you go int will have a bearing on income.

You don't form an LLC for asset protection; you form an LLC for estate planning and to ensure continuity of operations if something happens to you.

I look for houses to flip first thing when I wake up kinda like my coffee, I talk to my family who are partners in the buisness on my way to work, every boarded house, fire burnt, abandoned house is an amazing rehab waiting to happen.

We had our HVAC guy come out to fire up the heat and got some very bad news.

So, I fired him and quit UPS to fix the house up myself.

Fire away.

And if there was a buyer agency contract in place, the buyers can always choose to wait it out or fire the agent since he did not do his job and close the deal while he had all this time.How happy are the buyers going to be to see this agent is keeping them from buying their dream home?

A majority of the rentals are 1 units.What happens is one units people move a lot.With a 2 bed unit even if it's a couple with 2 kids you can put a bunk bed in there and the space is fine.With 1 units rents don't appreciate as much and the turnover frequency is very high which is probably why partly the cost are so high.Another key factor is are the utilities separately metered and billed or does the landlord have to include utilities in the rent payment.I specialize in multifamily and this is a key component and a concern for buyers.With utilities rising it can eat into future profit margins.I will also expand on the 3 to 6 months point.The lenders I know at a decent rate won't touch something at 3 months.They will want 6 months to 1 year of average rents and occupancy levels.Now in your situation you can use hard money and the points and rates will be high but you can even get rehab money built into the loan.Then you can refi once stabilized or sell off or exchange into another project.These type of value add plays we call "forced appreciation" deals.A regular bank will not touch stuff usually below 85% and some want 90% occupancy average over time.The reason is if they lend at 50% occupancy and it needs repairs the bank looks at it with risk you will not be able to turn it around and they will have to foreclose or take a big loss.Most banks unless they just opened in the last few years have a bunch of crud on their books they want to unload already.So to take down this deal you will need all cash,some partners with cash put together,or a hard money lender.In these 1 bedroom situations we look at "highest and best use".Even though it was built as one bedroom the highest and best use might be to tear down a wall between the units and convert a majority of the 1 beds to 2 bedrooms.Rent might be a little less than 2 bedrooms but you will have less turnover.Laundry is a big issue as well.If the tenant has to drive down the road to do laundry your rents will be less.If the building has a laundry facility that is on site that is better.The best and highest rents is when you put In-suite laundry in each unit.Pro-formas are CRAP.You NEVER and I mean NEVER pay on a properties potential.If the seller wants to sell based on that they need to put the hard work in.Otherwise you pay on the actual numbers going in.When you do the rehab it's important to get the city or county involved ahead of time.When updating they might require sprinkler heads,fire rated walls,etc.