Big investment - need opinions
I was notified that a couple in town are wanting to completely get out of the rental business because their construction company has taken off and they are too busy to deal with the rentals. They sent me a list of 16 of their homes, some of which are multi-family- so a total of 24 doors. They are all fully rented currently and she gave me what each rents for as well as the taxes and insurance on each. It totals up to $12,375/month in rent. Expenses per month $3,977.25 (taxes- $1,071, insurance - $1,050, 5% taken out for vacancies/repair/cap ex - $1,856.25). They are asking for a total of $509,500 for all houses but I know I could get it cheaper. My questions is - would this be too much to take on all at once for a newbie investor (I currently have 1 SFH and a 4 unit) and I know they have a lot of rentals that are section 8 approved which I have no experience in. I don't want to get myself into a huge headache and not be able to get out. What questions do I need to ask or what issues should I watch out for? Thanks for your help!