Any other strategy would you recommend on that budget. 

One other thing to note most multi-family inventory is older so increase your Cap Ex budget when analyzing deals.

If you miss the budget or timeline, your profit evaporates.3.

We have monthly budget update meetings and every quarter we review where we anticipated vs. where we are at.

Keeping in mind budget constraints.

Do you lock in materials early, build relationships with consistent contractors, or budget a certain percentage buffer?

Smart layouts, durable finishes, and curb appeal often boost both sell-through speed and final pricing.It also helps to leave a bit of flexibility in the budget for small, high-impact upgrades based on early feedback.

The IRS wants to see that you’re actively directing and managing the business — things like approving budgets, coordinating repairs, analyzing performance, and making operational decisions — not just reviewing reports or responding to occasional updates.So while it’s not impossible, it’s rarely achievable unless you’re very hands-on, even from a distance, and have solid time logs to back it up.If you’re interested, I can share a free REPS tracker that helps you record and organize your hours.

Breaking down financing/carrying costs makes total sense - that’s come up a few times now.The sensitivity analysis is interesting - so being able to test ‘what if ARV drops 10%’ or ‘what if rehab goes 20% over budget’?

My budget is around 650k.