And find out how comparable those places that rent for $500 really are.Without anything else to go by this looks to me like it might be a pretty slim deal.

Just one other point, never let a lawyer (or anyone else!)

If all else fails, you would probably win in small claims court against the seller.It's a hassle, but inexpensive.

You have to KNOW the information you are trying to convey to someone else 3 ways to sunday.

I'd probably rehab it, rent it out for a couple years and then 1031 into something else.

Many of us can do things that simply can not be duplicated by someone else, there is much more to drawing in investors than the meat of a deal or how you present something.

@Matt Devincenzo the illegal discrimination comes if you let someone else have a pet after leasing.

Networking from what I can tell but what else?

My inclination is toward more units, since with a larger building, we would centralize our holdings and potentially have fewer big ticket repairs (ie one roof to replace instead of 2).Everyone else - I appreciate the discussion of the pros and cons of other financing options.

Right, that is why I am kinda looking else where.