After college I want to get my real estate license and work with a investment team or start my own here in Connecticut and eventually down in the Charlotte Area. 

While on vacation I ended up with a $14,000 sewer bill because someone managed to get a sewer cleanout lid into the sewer line and it plugged hard and we had to eventually dig the line up ouch.     

My long term goal is to create a passive income that could eventually supplement my primary income. 

As for eventually selling the building, there will always be a market for buildings with numbers that work, whether it's brick or frame. 

I'm sure it will, eventually.

If you are able to do flips to fund rentals then eventually your rentals will find another venture which will make you even more money.

I was only familiar with collateralized debt.So when I was lamenting the fact that I could not get money for more homes an entrepreneur friend said, “call the bank and get a signature loan”.Having never heard of this before, I called, and sure enough, IF you have good credit and income, a bank will give you $25-150K just for your signature…to go buy cars, pools and pay for stuff you don’t need.Or, you can use it to buydistressed real-estate.So, here’s where it could go bad.Don’t be stupid.Have your exit strategies.Then execute.My typical deals look like this:HUD/Homepath/VA forclosure wants $41K for a home with an ARV of $65-75K.Let’s assume it needs $10K.I start my bidding ridiculously low, so $24K, but eventually get it for $28.5K.I use “cash” and close fast and get it rehabbed in 2 months…could be faster, but that’s the average.Immediately after I close, I am looking for ways to collateralize the debt…ie REFI.Because right now, I own the home OUTRIGHT, w/ no liens.I do have this other debt not associated with the home and I want to pay it off ASAP before I have to make my first payment.I can 1) use a portfolio lender (typically 80% of receipts, then I retire the rest of the loan w/ my cash).2) Wait 6 months and use traditional financing where I have the possibility to getting all of my money out of the deal since they go off of appraisals, not receipts, typically 75% LTV.While I wait 6 months, my payments on $35K are around $500/mo.Home rents for $850, so I can do this and still pay the bills.3) flip the property to a new home owner and make 7-10K after expenses or 4) do nothing and pay the house off in 7 yrs w/ the 9% signature loan.I hear of people using hard money and the expenses associated, but for the smaller deals like these, IF you have good credit, they don’t make sense.Thoughts?

In addition, if you don't pay the mortgage relatively soon (or bring it current with the cooperation of the bank), they are going to get around to foreclosing on the property eventually, and you will lose it.Given that the mortgage + hoa + irs lien are all prior to any judgement liens and approximate the value of the property, it is unlikely a judgement creditor would pursue foreclosure against this property.

Are apartment complexes even the best vehicles for buidling that cashflow or should I go the route of eventually owning 26 houses free and clear like the success example Donis King from the book The Millionaire Real Estate Investor?  

I guess i failed to mention - if the property is not or has not gone through probate, you will need to be working directly with at least one legitimate heir, and will eventually need all of the heirs conset (to the best of my knowledge) without a court proceeding.If it is already in court or done with court, you will generally be dealing with an executor/executrix if named in a will, or an administrator/personal representative if intestate.