Chiayu,I recommend finding an accountant who specializes in real estate taxation over one that is local.

That should help your projections a bitThe 30% is for a local boots-on-ground, full-service company.

Also, you should check with your local municipality to confirm they will allow you to convert the property back to a 2-unit.

@Matt Taylor Run this deal with a local to Washington Market.Don't be scared, just make sure you are are not coming out of pocket more than you can handle.

I highly suggest that you tune in to the BiggerPockets Podcast and connect with the local lenders and brokers of the market you choose.

It gave us a really nice nest egg to roll into our 16-unit apartment complex that we own and manage now. 

Hey @Chris Magistrado - I'm local in Tokyo, Japan - been here about 10 years. 

Anybody local in AZ up on this?

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Hi Rohit, I am a local Investor & Realtor in Mcallen TX, I own a few rentals myself and usually have no problem getting them leased within 30 days.