Vacancy - I'm conservative, but I like to assume at least 1 month out of the year I'll be vacant (8.33%), which would be a $250/mo expense.Insurance - For a $265K house, I'd expect the annual insurance premium to be higher than $1092.

The numbers that they target for their deals are very conservative, which I believe it's safe to assume, that is will make deals harder to find.

I'm estimating the cash flow to be $530 per door conservatively. 

Being a distressed seller during a downturn is not where you want to be 9.Be more conservative underwriting – multifamily properties are priced based off their current financial performance only.

Going very conservatively I like to think it's rather around 65k. 

Deep down, I want to build a system that I can give to my children 30+ years down the road and no matter how high I climb the ladder, it's not something I can pass down.My wife and I are pretty financially conservative.

@Brent Coombs I put 150k because I was being a bit conservative.

Conserve your energy and figure out where.

I will be helping the LP select a property operator, so the GP really needs to source land or properties for rehab, do the development process, and then monitor the property's performance and look for exits and the other things a GP does while owning a hotel.Ultra high net worth individuals who can take down numerous $20 million properties usually need family office support to manage their finances (capital preservation, diversification, insurance, charitable giving, wealth transfer, tax services, access to thousands of conservative investment offerings, etc.).Ground up hotel development with a new sponsor in the space should not be an option, particularly at this point in the cycle. 

We were the highest and best.The home needs a shower install completed, carpet in upstairs, massive wallpaper removal, total paint job, kitchen appliances, and small cosmetic updates throughout like door knobs, fixtures, backsplash in kitchen, possibly new vanity tops.Foreclosed Amount: 184kBank List: 152kOffer Accepted: 156kClosing Costs: 3k - Financed Deal (20% down, 5.25% interest only)Rehab: 15k (Conservative - 10k most likely)Holding: 4k (6 Months on the safe side, most likely 3-4)ARV: 210-220k (Conservative)Hoping for a flat fee MLS list with 3% to buyers agent.