How do I evaluate this deal?? And how do I get capital?

[Edith TenBroek]

Hi all!

I am a COMPLETE newby and need help figuring out if this is even possible.

I live in Central IL. I found a listing for a 46 unit set of apartment buildings on 8 acres on the edge of a medium town that is currently distressed, but rebounding. It's also within about 30 minutes of a major city with a major State university. I talked to the realtor and he shared that the place has been abandoned for about 5 years. They have a major septic system malfunction and were shut down by the health department. So we would either need to fix the septic system, install a new septic system or hook up to the city sewer system which would mean running about 1/4 mile of pipe. That's the expensive bit. It has a well that the realtor thinks is in good shape.

The property was built in 1966. In the pictures the bones look good, but I haven't seen it in person. It would require some renovation, but it doesn't look like there are major structural issues other than the septic.

The realtor didn't have data on the taxes. But he thought they would be low.

The place is selling for (OMG!) $59,000!! It seems like an incredible deal.

My thoughts are, get capital, buy the property, renovate a chunk of it to start cash flow, then keep up the renovation over time with cash flow until it's all done, then hold for retirement income!

I'm willing to make calls, meet people, paint, shop for good used appliances, find contractors etc. But I need to know if I can get the money (I really have nothing to invest at this point) and if it would be worth the work. I'm willing to work.... and I'm willing to do this slowly, reinvesting all money back into the job. I'm also a queen of finding good deals on supplies and materials.

I just need financial backing and assistance in knowing what questions to ask.

It seems like a BIG bite to chew off as our first job, but it looks like it has GREAT potential.

What questions do I need to ask? Whats my next step? Am I crazy to even look at this deal?