@Josh CookYes I did get everything permitted, didn't want any safety issues for my tenants, potential issues with the city, issues with insurance if something happened or issues selling the property down the road. 

turn key is just something that has been coined to mean one stop shopping IE your seller is in the business of finding then renovating and then managing income properties generally SFR's .There is some safety in that for an out of state investor.. as in the turn key company... 

We then take appropriate measures to set aside that amount of money (and usually more).We then get the Reserve Study updated every 5 years or so ...

You want to make it as easy as possible to measure expenses, and income.Hope that gives you a start.- Michael

we have a 6 unit building we are considering placing on the market and i wonder if anyone has a good idea what are current cap rates (or other valuation measures you use)  in Bremerton area? 

I’ve only used a catch-up once, in a blind-pool development fund where there was a straight profit split but I built in a pref with a catch-up just to give the investors a safety net if the fund under-performs.  

You have to pass basic habitability and safety issues.  

I would not mind having them sign a new lease with me, but with the knowledge of all the safety issues I can’t have them sign the lease with good conscience.

You will need the architect to do a life safety code review of the building because this is mixed use. 

I took this approach, but this isn't an easy one by any measure lol.112 hours a week is your 1 way ticket to being a prisoner of your job forever.