If you don't know anyone that has money to partner with, increase your network.

@ Charlie DiLisioSo I'm getting the idea that using an FHA loan more than once without job relocation, or family size increasing is nearly impossible?

We have been taking the depreciation which is around ($225K-40K)/27.5=$6.7k/year – till now about $68K.With the increase of property tax and other factors, it no longer makes a lot of sense for us to keep R as a rental.

As the market has increased so high since last year, I'm considering to sell it the condo to either hold on to the cash or invest in different locations such as San Diego, Florida, or Texas.

I would start getting quotes and compare the cost to what you could get for an increase in rent.Don't just assume because it is a college rental you have to have 2 baths for 3 bedrooms.

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I would imagine that due to the increasing (my opinion) competition among RE agents in JC it may lower the overall fee that's usually charged..

As a newbie to rehabbing you will:underestimate rehab cost, so even that $30K number is likely lowunderestimate the holding time, increasing your holding costs, andoverestimate the ARV, so even the $250K number is likely high.This looks to me like an almost guaranteed money loser. 

Rents seem to have increased a lot in Minneapolis in the past two years that we've been gone.

Hello fellow BP, I noticed there was an increase in the assessment of value of one of my properties in Indianapolis.