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fastest ROI will be on cosmetically rough properties that can be cleaned up quickly with cheap unskilled labor. (painting, roofing/siding, landscaping)
you should try to tie up the property in the longest escrow possible (90+ days) and get an agreement to begin rehab during the escrow as part of the sales contract.
then as soon as the prop has curb appeal immediately remarket and attempt to double escrow. this procedure gives maximum leverage because you minimize debt service.
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