The numbers seem relatively high for the properties in my area but I'm not quite sure because they have comps on the same street that are in the same range of values.Any help would be great.Thanks,

In addition, I tend to do things like install quarter-turn shutoffs on all the water lines, make sure smoke detectors are installed, all lights are working etc.

What if the property is under water?

He'd say the same thing about Thanksgiving dinner and the borrower being a slave, then he'd also say how much he loves real estate and that he wouldn't borrow from momma or the bank to buy a rental, he would save up and pay all cash.I assumed Rick was thinking of multifamily property with his $400k price range.

It also depends on the purchase price, hence the range.

This is not a sandwich option deal being so far under water.

Most rehabbers that i know don't pull permits for anything other then serious structural work that changes square footage (room additions, expansions) and other new beneficial additions that need to be reflected on the title or public records (new HVAC with ductwork, changes of gas water heater to electric, etc).Hire a good good licensed contractor to give you an unofficial honest opinion for a nominal fee, make notes of everything he says, then hire an official inspector, see what he finds and also point out the things contractor mentioned to discus further.

I could use that money in the coming months on 2-3 more properties in the price range we are looking at.

If you can't carry the water, consider a partner who is familiar with your industry and make sure you can buy them out in the future.

It may not be a bad idea to wholesale multi-family homes in the 2-10 unit range as this niche is not yet widely covered by others.