Erick, what you are describing sounds very much like a Secured Line of Credit with a touch of draw down complexity. 

I don't know exactly but I'd say my complex has 75 units, 1 and 2 bedroom places. 

We are now looking out of state because my brother went off to college last year in Texas and we were talking about him signing a new lease at his apartment complex with his roommates.

https://www.nbcnews.com/news/us-news/local-chiropractor-charged-killing-4-north-dakota-property-management-business-n991501My local REI group just had a seminar on "active shooter" for apartment complex and management offices.

@Christine Kankowski - In Riverside for an apartment complex I help out with, there seems to be somebody scamming potential renters.

We expect to have a long term lease committment (5-7 yrs) for the entire complex prior to purchase.  

Hello my BP community,Does anyone know what the going rate is for an onsite property manager for a 20-unit complex in the Stockton area? 

I have a seller that believe his property apartment complex in gastonia NC is worth around $400k because "my wife works at the bank and she deals with multi million dollar company everyday."

Went through about 60 of these, requesting ttm income / expense report only to consistently discover fudging of numbers to arrive at a higher 'advertised' cap, basically dressing of numbers, including* not including management expenses (oh, we don't include maintenance fees because they are specific to buyer)* not including repairs / maintenance expenses (oh, seller just refurbished couple units 2 years ago)* not including vacancy (oh, the complex is 100% occupied over the last 12mo)* not including property taxes (oh, buyer can request tax abatement) you get the drift. and the conversations stop at the broker level after pointing out to all the gaps, most just stop responding - there are obviously reasonable / experienced folks who smirk and continue chatting but for every one of those, there are 50 who seem to just seem to either be completely incompetent or useless. and it seems to be getting worse vs ~5 years ago when i picked up my last MFRany thoughts / advice how to deal with these types?

For the main door to the complex, see how solid it is.For the caulking and insulation around windows and doors, do NOT use expanding foam insulation around windows as it will cause problems.