If you need any help in the future feel free to reach me at [email protected].  

There is a decent amount of meat on the bone in this deal even if worst case senerio it goes over budget.

My initial estimates put me at approximately $100 per unit monthly cash flow after loans and taxes. 

My lender has me at 4.75% Cashflow should be around 154 for the place?

I'm not getting the vibe that there's a lot of meat on this deal.

I'm was a builder so a bit of insider knowledge here but if margins are really slim on a project I have used guys employed by subcontractors (electricians/plumbers/etc.) to do sidework for me at an hourly rate.

About 15% responded, and while most wanted over market value for their property, this gentlemen was desperate and didn't know what to do, so he sold it to me at a slight discount from market.

Example, to re-stucco the house, and replace windows, it "requires" permits, but doing so without (so long as it is done right) would hardly put me at risk of liability in the future.

J thanks for the advice.. wish you would of told me a couple weeks ago though lolI had a handyman do some work for me at my first house I bought as a personal residence and it was paid per hour...

His gut tells him that we'll see another 20% to 30% decline as all of this inventory hits the market, so he wants to wait a year, maybe two, until he sees a positive trend.My thinking is that the lower-priced, NOO properties don't have much more to go down, and if they work for me at today's prices and I'm going to own them for 10 to 20 years, I don't really mind if I miss timing the absolute bottom by 20%.