We would have to put in a road, and all utilities for this property and would want to make an nice entrance...since thia is an upscale neighborhood.

I would like to really utilize this site to network with like minds and learning as much as possible with those that has "Been There And Done That", :D .

If the utilities were not turned on for inspection, a minimum fifteen (15) percent is required.

I just started and LLC and am in the process of building up a serious credit profile to establish lines of credit.

I have an LLC also though it has not been established long enough to really get a good LOC.

Find an established investor in your area and arrange a partnership on a "Deal By Deal Basis".

I am currently having a survey carried out to establish new boundaries for the building...

Of course, the $850 quoted could just as easily INCLUDE a total amount WITH the utilities figured in (even if the tenant pays them separately).

You would need an additional $10K or so of your own cash to cover the excess of the rehab over the loan amount ($3K), the points (about $4.5K), and your holding costs (taxes, insurance, utilities, etc.

Less expenses (you can use 50%, but it could be more or less depending on many factors such as owner paid utilities, etc.)Now that you have an estimated NOI, you can calculate if the ask price is too high, in line, or lucky you, under valued.NOTE: Whne I mention this standard formula, it is used only to gage if I should put more time in investigating the property.