Once you get down in the single digits, the numbers might not work... you'll have to check.If you can get past the hard part about HOW you can afford it, then the next step is to get a contractor (or 2 or 3) in there to get you a quote on rehab.

@Erik PilonHaving a CPA on your team will be able to answer the questions you have, provide confidence that your return is prepared accurately, save time, provide steps to lower taxes, etc.

Make both parties (you and the owner) happy and have sound mind knowing all necessary steps were taken and no one feels screwed.

One article that may be of interested is: https://www.biggerpockets.com/blog/cheap-free-steps-today-pro/

thanks a lot for your feedback.I have some close family and friends that will invest initially and hopefully with a proven track record other investors will join.

A few more financial steps is all.

Reducing your rent/mortgage though is one of the best steps to make.

This to me just seems like the (stepping over dollars to save pennies) syndrome I have seen over the decades.You must not have enjoyed the commercial real estate space working for the REIT.

I final got an opportunity to meet with a GC at a property he is working on to get a feel of what are some general prices for rehabs. one step closer in the right direction.

Better sit down and explain the consequences to them and their parents if tey do not step up.