Hardly ever see anything from $10 to $180K without extremely extensive improvements, but it happens!

I was wondering how the process is performed and what are good questions I should be asking.

Hello Matthew I have been appraising in Lexington for over 20 years and I can tell from experience of not only doing alot of appraisals but also having had 100's of appraisals performed on my own properties over the years not only do appraisers vary from state to state, but also from appraiser to appraiser in the same area.

We had another rental property performing very well, but ended up selling after we had to deal with bad tenants and lots of damage.

My ideal situation would be finding a house with a finished basement I could live in while renting the top out but even then it’s a stretch which is why I figured one of the prior options was better to start with due to the projected increase in home value.

Just a solid opportunity to learn from heavy-hitters and extensive time to network. 

I've got a to do list that is ...extensive.

If you are obtaining bank financing, the bank will more than likely want an environmental study performed, these studies can cost $1000's of dollars depending on what is discovered on the property.Is there a need for this type of property in the community?

Here is a high level breakdown of two of the risks that you are carrying1) Liquidity - you are only as liquid as the reserves that you are carrying (which includes whatever is left in your heloc) so make sure that you have enough to cover unforeseen scenarios, personal and business2) Business Risk - as an owner of real estate some of the main risks that you carry are vacancies or non-paying tenants, lower than expected rents (negative cashflow), unforeseen expenses (repairs and maintenance)I would argue that both of these are higher when you are operating at a smaller scale e.g. if you had a fire at your triplex then 60% of your portfolio would be non-performing.

If you do have to do extensive work.