However, I’ve finally decided it was time to put all my knowledge to action and start wholesaling to help fund my rentals.

However, I’ve finally decided it was time to put all my knowledge to action and start wholesaling to help fund my rentals.I have a motivated seller, who has verbally agreed to sell me her house at 55k.

@Mark WilliamsThe valuation of commercial asset (which your 24 unit building is) is driven by the NOI of the asset, the building class, the cap rate for that asset class in the area where the building is located and thit is very different from the purchase and sale of residential properties for which the value is determined by the price other people paid for similar properties.it is important to look at the P&L statement for the building you are looking to purchase and verify that it accounts for the expenses and income to work out the true NOI.The NOI divided by the cap rate and divided by the number of units would give you the price you should expect to pay.That price per unit will vary depending on the class of asset it is.Class A commands the highest price per unit and the lowest cap rateClass D commands the lowest price per unit and the highest cap rateNot the precise answer you were expecting but hope it helps.

I suggest you look at other comps and decide your rehab budget/specs based on the #'s.

So, not many years ago I decided that I was going to break the corporate bonds.

At $100k I am $25k into my "safety net"...and I am very risk averse.Anyway after seeing the property sit a year I decided to reach back out to the owner (its a FSBO) and have another conversation.

I've been a member for a while, and decided its time to post...my wife and I are interested in SF rentals, or live-in rehabs that we would then turn into rentals. 

It was a long time ago, 23 years to be precise, since I took my first real estate courses for my license.

Giovanni,If you decide to go the LLC route you should consult with a good Real Estate Attorney and make sure the set up and your proceedures do not make it likely that the corporate veil will be pierced. 

Also if and when you decide to move out the unit would be able to charge market rent.