Update!!....As a newbie shadowing a property manager

[Brenton Tigner Jr]

Update: I earlier posted about being a newbie and the opportunity to shadow a property manager of a medium size apartment complex...

Just recently I was allowed to study the 13 month trend report and other financials.  The property once had a rent cap for low-income but has recently transitioned to a conventional, so 95% of the tenants are still paying the low rate until their lease ends, after which the rates will be raised closer to area rent rates.  The property is still cash-flowing on average about $52 a unit per year.  After depreciation, the average net loss is about $8,000 which I imagine does wonders for taxes..

I noticed a lot of expenses on the report and asked was this normal to have such a significant amount before debt service and this is where the conversation escaped the financials...

The property manager said that the owner was extremely hands off and told the property manager what he expects to receive..So the property mgmt corp office orders them to increase income in as many ways as possible, and then increase costs that would mean revenue to the management company...I was told as long as the owner gets what he expects, they are given free reign... 

The rents are about to start increasing dramatically because of the transition to conventional apartments...I am sure I can get in touch with the owner...Is there any way to position myself to make an offer on this property? I have a HELOC at my disposal of 50k...Do I have a play here?

Thanks,

Newbie