There are immense differences between successfully building and running a B-class turnkey buy-and-hold rental portfolio out of state and doing the same with a C/D-class high-cash-flow/low-appreciation low-income rental portfolio in your own area.

You do not want someone whom you can only talk to once a year.My wife and I are most probably in the running for the most tightfisted penny-pinchers you have ever met and we have a full-service CPA.

There are many challenges that I'm sure I'll run into and I'm really excited about the learning opportunity but worried about the feasibility.

@Josh Detweiler Syndicating this asset might not  be the usage of your resources because syndications are expensive to setup and run.

When I run the numbers at 40% vacancy it looks like a bad investment, at 30% a decent investment and at 20% a great investment.

I was suspecting that there would be a push for signing up for something because events like this there's always something they want you to buy.Now I totally understand the need for having a system in place to efficiently run a business.

You would use the 7% market cap rate we already determined to sort of reverse engineer your value: $97,500 NOI / .07 market cap rate = $1.392M vauation.I started out saying this was oversimplified, and you'll noticed I used the word "assuming" about 10 times in the above example.

But it shows how important it is to run a professional business from day one: have a buisness name, a business address (I have a UPS PO box with a real street address) and handle yourself like a company would.

Anybody know a structural engineer in the DC, MD, VA area?

The Structural Engineer said it would be prohibitively expensive to jack it up and level it.