Its looking like acquisition is 25k (shells) with 75k for remodeling which is cheap (good friend of mine) and market rent for 2/1 is $1000/m and 1/1 $800/m.

going to convert the 1/2 bath to a full bath, refinish the wood floors throughout, gut and remodel other full bath and same with Kitchen.

The house is being extensively remodeled, contractors crawling on top of each other …we have painters in one room, cabinet guy finishing crown molding on those 42” cherry beauties, there is a deck guy shooting the heck out of nail gun outside, garage guys patching the siding, mortar guy patching and tuck-pointing the chimney in other words … scheduling mess, aka typical flip scenario ohh and there is a plumber who just pulled in hoping to replace the missing copper The guy walks to the basement and falls down the stairs (faulty railing).

They, assuming the majority of the risk, get to keep the profits.In a typical deal (well - almost every deal we've done), I fund 100% of the purchase price in addition to repair/remodel costs.  

Has the property been remodeled recently?

Thats just bonus.Both were purchased about 15% below ARV if you include the remodels needed into the purchase price... about 30% straight up.My plans for the future are to seek to acquire more income producing property.

If you are able to close, but not afford to rehab, find someone to lease purchase and work out an agreement where you share costs for the remodeling.

.- $2,000Total: $11,000I will be doing most of the work myself, I have a family member who has worked in remodeling for the last decade to work alongside me. 

Can anyone recommend a reliable, good quality general/remodeling contractor in the local area.Thanks

He still owes money on the single family home he bought, but we've remodeled it into a double single family home complex.