Help! Buying my first apartment building!

[Douglas Luviano]

Hi everyone! I am currently looking into a 230 unit, 11 story apartment building on 8.32 acres

. The owner is motivated to sell for $48k. The rents range from $580-$750 for studio to 2 bedroom. There are alot of "Dont Knows" with this deal. I need help with the following items to put me on the right path of structuring this deal:

1. What is the avg cost of ownership for property of this size?

2. What sort of pitfalls should I look out for?

3. Refer any hard money lenders or investors that you have worked with that you trust.