I see this daily from my perch as a local lender and its only when I break down the deal for these unsuspecting investors do they see the "light". 

Also, run those numbers (if you havent already) past some other people around you that you trust and see if you get atleast 3 green lights of approval.

Hi, introducing myself, have lurked for awhile and in education phase of real estate investing.I'm a millennial from mid Michigan whose finally starting to see light after student loan debt and looking to learn and develop as much as I can.Always interested in meeting new people in this market or from wherever to bounce ideas withCheers

Due Diligence Documents shed light on things that owners (intentionally or unintentionally) try to hide - we found out the rent for the lot was a whopping $70 lower than we initially thought.

Even after the renovations, we replaced multiple A/C units, we complied when tenants asked for small items like a doorbell and back porch light, we sent one tenant to a hotel on a Sunday night because the septic tank was backing up - yuck! 

They have gotten some nice improvements like a new patio, fenced in yard, new AC and all new light fixtures/ceiling fans. 

Its never ideal, but can work, e.g. new bathroom vanities, updating lighting fixture, are easy to do with an in place tenant.  

@Eric Ippolito  first it takes Capital to fund the due diligence process and bring the project to shovel ready but the following steps are free and are done by you to determine feasibility.Check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.Check to see if you have to install any manholes,fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

Our plan:1) Aiming for 15% cash on cash return2) Current rents are under market and can be stabilized with a good property manager3) Light rehab on each unit as tenants move out (paint, kitchen, floors)4) At least $200 cash flow monthly from each unitAre these reasonable goals?

Nontheless I have no way of telling if this was due to a stain out on carpet prior to its installation or honestly after I moved out (I find it fishy there was no abnormality noted on the pad or the pile) I went thru the pile w regular light and UV light as I did previously in my rental since it tells the whole story and found no abnormalities prior to or after steaming the carpet.