Hi. My name is Nate, from central Florida. I’m a Firefighter/EMT, aspiring to acquire cash producing assets with the hope creating financial independence and financial freedom. 
I've been following BiggerPockets and reading REI books for a couple years and really want to do my first deal with a desire to apply economies scale, sooner than later. (As Brandon Turner says, "don't be afraid of commas".)
I’m actively looking for a REI mentor to share investing/acquisition knowledge so that I can share what I learn with my fellow first responders. Working 48 and 72 hour shifts in a row to “get ahead” is just not sustainable anymore. I need to find a better way, as do my fellow brothers and sisters.

Here’s the deal I’m currently looking at, as provided by the listing agent and new property manager:

5 Duplexes sitting on 2.57 acres, corner lot, city sewer and water, in a tertiary market (3,500 population, strong local history of agriculture and phosphate mining), about an hour south of Disney (Orlando), built in 2019, block construction with metal roofs, 825 sq ft each unit, 2 bed/1 bath, currently 100% occupied. So, 10 units in total, current rent is $830 a month. That’s $8,300 a month, $99,600 annually. Monthly expenses are super low: $350 for lawn maintenance and $150 for miscellaneous, for a total of $500. Tenants pay utilities, there’s little to no Cap Ex as it’s recently built. The property is bank owned by a bank in California. Asking price: $1.0 million.

Many of the tenants have relatives (parents, aunts and uncles) who live in SFH on the same and neighboring streets, so there's a strong sense of local community.
There’s significant value-add potential: 1) increase rents 2) potential to build 5 more duplexes on the existing property, PLUS all impact fees have already been paid. 

It was previously owned/managed by a “mom and pop” operation that did not keep good records. The new property manager is professional, but is having difficulty acquiring the necessary documentation for me to submit it to lenders. The lender says I’d have to put down 20%-30%. I have yet to receive anything after multiple requests. The lender I’m speaking with needs these documents, otherwise they say I’d have to pay cash (which I obviously don’t have.)

Net pro’s vs cons: I think this deal has significant potential to be a good 1st deal, especially with the value add potential. Not too big, not too small. I just want to get in the game, get my feet wet and hands dirty. It probably wouldn’t appreciate as well as in a primary or secondary market, but that’s ok, as long as it cash flows. 
Potential strategy/exit strategy: 1) keep it as a long term buy and hold and pull equity in the future to buy new deals OR 2) sell it and do a 1031 exchange, leveling up next time to buy a bigger asset. 

Personally. Emotions aside, if the numbers work, I’d want to buy it. But how?

My questions are:

1) Would you consider this a good deal? Why?

2) What's the wisest way to acquire funding for this deal? Down payment and commercial loan? (Hard money lender, ask family to jointly pull a HELOC?)

3) What’s the next best step? 

I don’t own any property at this time. I’ve attempted to purchase my first home the past 2 years, but have been unsuccessful in this highly competitive market.
My parents own there own home, but it’s old and in need of repair. It probably appraises for $150,000. Not enough equity for 20-30% down. 
My grandmother owns her own home on the water in Key West and although it’s old, it appraises for $950,000. 
I'd be willing to ask her to do a joint HELOC if it's a good deal but some of my family might advise her not to as I'm not a experienced real estate investor.

I want to be proactive, find positive solutions and make wise investments. Any thoughts, ideas or suggestions are welcomed. 

Thank you for reading and sharing your thoughts.

Best Regards,

Nate Tinaya