In Maryvale (Phoenix, next door) ( basically the other end of the spectrum,) you'd look at the basics, roof, AC, kitchen, bathroom, floors, door knobs (hardware), switches, lights and you'd change it from antique Mexican flavor to newer antique Mexican flavor, and profit about $60,000 in shorter time.

it could be a dead rat in the vents, but the smell of dead rat or animal is very distinct and hard to mistake for something else.

@Susanne Stauffer, If you are condominiumizing the back units you are creating new real estate that is distinct from your primary residence. 

Strong rent demand, reasonable prices, and solid long-term fundamentals.Each one has its own flavor, but those are the markets I see investors come back to again and again.

@Denise Supplee and @Arman Ahmed gave good advice on leasing w cosigners, and making the leases individually/severally.Keep in mind:  there are two separate and distinct types of student housing tenants: undergrad and post graduate.What I've found over the years: If you want to deal with adolescent, underage, first-away-from-home students, be prepared for more hand-holding and maintenance issues. 

@Garret Rumbea Larger multifamily syndication is an overly broad label and using it without distinction leads to misleading comparisons.

In my area, most jurisdictions do not have anything making this distinction, but some jurisdictions (mostly the cities) have been adding the definitions/clarification in the last few years.  

Because it means you could qualify to use your rental losses — from depreciation, upgrades, or cost segregation — to offset your other active income, even W-2 income in some cases.That one distinction can mean thousands in tax savings.So before you set up your next listing, take a moment to make sure you’re classifying your property correctly and tracking your hours.A few minutes of good tax planning can easily beat weeks of chasing higher nightly rates.Curious — do you track your Airbnb hours or just rely on your CPA to handle it at tax time?

But I'll add, DSCR seems to be the flavor of the moment, but terms really vary between funding sources.

Wholesalers are definitely only concerned with the contract.I think the distinction between REI's and retail buyers is what REA's need to really understand.