If the borrower stopped paying and you had to foreclose, what would foreclose away, what would be left for you to take on like taxes and utility liens, how long will that take and what would it costs - weigh those numbers with the cost of the note.Next, is the borrower.  

But I ran the numbers out by me and I couldn't figure out how to sneak out a profit on a typical starter home (1600 sq ft with basement selling for 225k). 

Correct me if I'm wrong, but I believe I heard a portfolio lender is one that keeps their loan versus selling, can have a shorter or no seasoning period, and you can typically have more than 6 or 10 loans with them.  

You need to figure out your own niche and utilize your strengths and minimize dealing with your weaknesses.

She pay the water bill and her utilities.

For example, is there a local building society that typically tracks this info, or does it require calling carpenters, local planning departments etc?

The property fell in my lap at a really attractive price and I thought I would be fool not to try and pursue it further by utilizing my network. 

I am asking this because a Bank I contacted told me that they won't typically work with someone who does not have any prior experience building  multifamily and suggested that I consider purchasing an existing property instead.How else would you gain experience?

If I feel I have a solid listing agent that can work in my favor, then I will typically work direct with that agent as transaction broker.I typically do not ask for the listing agent to give up income or commission.

What do you typically shoot for, cashflow-wise?