Bellevue has a lot of SMFs but the taxes eat up too much of your cash flow. 

Both can have pluses and minuses.We have 3 cats but they mainly sleep and eat and our house is perfectly clean.

What is your cap gonna be at resale in 10 years and how much cash flow will it eat if 2% higher at sale time?

To ensure I do not go underwater on my first deal I have decided to just eat the extra cost of a GC, but make sure I get my money's worth by learning from him and his guys as they work.

It won't have positive rental income for tax purposes for a couple of years (expenses will eat up most of it while we get the occupancy and rates up).  

So in essence it is a way to have your cake and eat it to (although I've been pondering all day why I would want to have cake and not eat it...). 

I have been able to cash out after a year but I'm typically all in at 60% ARV and they allow cash out up to 70% ARV after 1 year of seasoning.I typically only pull back out 60% because that's the tipping point where any more starts eating into my cash flow.Jeff V

Nowadays, people want an area to eat at the bar in the kitchen, especially family type homes. 

Even the nice places to eat and the clubs and the breweries are closing down in Murray Hill because of the crime.. 2 to 3 times a week you can read on the news of various problems happening in Murray Hill...

It didn't take long for me to identify the menial tasks that were eating up my time but could be done by any trained monkey.