It then is simply a matter of when a judge gets to it and signs it.

Put additional money into all but 1 too.Doesn't matter much to me, I make more doing them myself, but it's pretty naive to say it costs less to borrow than to JV.  

@Tom V When calculating my numbers I was never concerned so much with AVR because my thought was that if I was able to significantly raise the income of the building enough to support the money spent on the renovations that it did not matter. 

I'm always looking to further educate myself in the subject matter.

You'll find the blogs, podcasts and community very helpful no matter what stage you're at.

The cost of heat only matters if your unit is vacant during the winter.  

I have found that Multifamily units in this area ( and most of Philly for that matter) are slow to come onto the market. 

Weed out all the bad deals in a matter of minutes.   

Keep in mind that no matter how good past maintenance and rehab, you will have CAPEX and OPEX expenditures.

Boom you are a millionaire in 10 years...The problem with most people is that no matter how much they earn they will just increase their spending accordingly...in most cases only enjoying marginal increases to their standard of living.