If I could deploy the same amount of up front cost to purchase an up and running portfolio.My calculations tell me that I can be cash flowing much more if I spend the money on a portfolio or complex.

But I also like it because my team is there, available, to do other things for me. 

in cash flow would cut it for me. i'd want enough to cover the mtg, but also R&M and a little for vacancy. if i can't do that plus have a little actual "cash flow" left over.... i'm still here :) if that's any indication. 

This allows me to seed the property for 6-12month, then refi, and pay the full amount of the HELCO back in one payment. 

Getting it under market value would be a bonus.So, would using an FHA 203k renovation loan, which would allow me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

Quote from @Christian Solis: What business entity should I should I structure my fix and flip business and what are some tips I should should keep in mind so me and my partner are protected ?  

If interested, send me a DM.

The city made me conform to their exact permit application process which was burdensome and frustrating.

Makes me wonder... is it the rehabs that get exhausting?

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?