Obviously, nobody would want to wait 3 years to start seeing some cashflow.

Otherwise you have to wait until tenants vacate to renovate and sell each unit so who knows when you could get all 12mm out... maybe never. 

Or should I wait to do that down the line and not worry about that on day 1?

It currently has a decent cash flow about 140 per unit and an 11% roi and I was wondering if I should rock the boat by raising rents right away or should I wait while? 

Meaning you got to the property before anybody else was able to lay eyes on it.

I closed on the deal once the occupany permits were given by the city.For new construction, if you are looking to finance, you would need to wait until it is stabilized (rented at 80+% occupany for 3 months I beleive). 

My wife and i are looking to purchase and would do so as owner occupant, most likely with FHA loan.Thank you and cant wait to hear from you!

Should be ok there to, but again lots of work.Recommendation is to stop bidding low, and wait them out. 

Or should we wait until after the first year to have roommates?

How long do you typically wait before following up with a seller?