Based on activity in the area, very realistically pull up to $475k.On sales price of $435k, net proceeds after realtor fees & closing costs are $408,900 or profit of $52,900.We are self-funding the project, and would pay out only 20k of builder fees on front end, so total investment is about 341k for a 53k return or 12.2% in my low-end situation. 93k in the stretch situation, which is 26%.We are doing the first one in cash, because we don't want to deal with a bank draw schedule but I plan on doing the next with financing if this one is successful.What am I missing?

I can text from my email, which means I can realistically respond to the 50-100 interested folks every day in about 15 minutes. 

Many sellers are horribly uneducated about how much is a realistic price for their property.

Being realistic, there is very little chance that I end up with this deal in the end, but I can use this as a practice run, and hey, if we get the property in the end, it would just be the cherry on top. 

In most of these (with the right sponsor) you can get your 8% preferred and then roi on the backside when it is sold or refinanced.So think about your risk tolerance, and also be realistic, have you looked at the market recently.  

Here are the things that I would look at with each to weed out the ones that my not have your best interest in mind.In general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all properties

Spread your time out by adding value to two or three different individuals.Spread your money out by partnering or investing in two or three different deals with two or three different deal sponsors.This is definitely a longer term process, but with the 5 year mindset that you mentioned you have, this is a realistic strategy to equip yourself in the right way in order to move yourself to where you want to be five years from now. 

.$16k to reno an 1100 sq ft condo is not realistic.

The realistic idea of how long it would take pending permits or any unforeseen problems such as mold, water erosion or foundation issues might come up .

You will then need to realistically analyze your capacity for risk and allocate your capital in a way that will meet all of your goals while not exceeding your risk threshold.