It will EAT your returns in the long run.

I have thought about doing a house hack as well, but the one bedroom condos I'm looking at are around $80,000 and the 2 bedrooms are around $250,000, so I would hate to eat up all of my capital available and miss out on a possible multifamily that I could try to purchase this summer (I'll keep looking for a deal even if I do this condo!).

Fourplex Rental Stats: Purchase price: 160k Reno on 4 units: 10k, cosmetic Loan stats: 20% down, 5% interest, 30 year mortRent: +2700/month, a conservative estimate for the area Property Tax: -182/month Power: -400/month Water: -160/month Trash: -50/month Utility Billback: +300/month (I assume the utilities are not split, so I would eat power/water and bill-back a $75 flat rate utility fee per unit) Vacancy: -270 (10%) Prop Mgmt: -270 (10%) Cap Ex: -135 (5%) Property Insurance: -150 Growth assumptions: 2% / 2% / 2%Sales expenses: 8%_______________________________________________ Cash flow: $396/month Cap rate: 8.13 10% CoC returnFive-unit Stats: Purchase price: 160k Reno on 4 units: 10k, cosmetic Build-out of fifth unit: 40k ARV: 258k assuming 8 cap in my area Loan 1 stats: HML for purchase and rehab, 12% interest, 2 points Loan 2 stats: (193,500, assuming 75% LTV), 4.5% interest, 30 year mort Rent: +3450/month, a conservative estimate for the area Property Tax: -182/month Power: -500/month Water: -200/month Trash: -50/month Utility Billback: +375/month (I assume the utilities are not split, so I would eat power/water and bill-back a $75 flat rate utility fee per unit) Vacancy: -345 (10%) Prop Mgmt: -345 (10%) Cap Ex: -172.50 (5%) Property Insurance: -200/month Growth assumptions: 2% / 2% / 2%Sales expenses: 8%_______________________________________________ Cash flow: $602.50/month Cap rate: 11.9% 30.2% CoC returnThanks for taking the time to check out my deal!

Time is money, and agents have to eat, too. 

Post-college I can eat a giant roof repair easier than before.

The biggest issue we have is educating our "young" student tenants that with the exception of toilet paper "if you did not eat it, do not flush it" ... those idiotic personal wipes are the worst (talk about a "solution" looking to create a problem/need and market).  

Fast forward half a year, and rents & statements are coming in months late and soon stopped coming period.As I didn't have a contract, my gut reaction is that I should just eat the loss and move on with a lesson learned. 

The first thing we always do is get 1 bathroom completely finished, then you can sleep on a blow-up mattress and eat pizza till the kitchen is ready. 

But I'm stuck eating the 20k in damages between the carrying costs of the property during the months it was off and having to re-do a fully finished 2-week old basement.

In this case, I had to eat the cost for several reports.