The place needs tlc but already has 55% occupancy.

Okay, what you need is following: - rent roll last 3 years - approved profit & loss of the last 3 years, the last 12 month in detail - property statement (needed maintenance, shape of the units and the building) any violation/permit from the city - the complete unit mix (how many 2 bed, 3 bed and so on) - todays occupancy - market rents for the units (yes or no) - is the property self managed?

they have basic rules and you've got to watch not to violate any of them or get in over your head as an investor - they're not as nice to investors or NOO's like they are to owner occupants."

If it was done to avoid the primary occupant condition it could be considered fraudulent. 8)

From what I have been told, occupancy rates are quite high in this area.

95% occupancy seems like a very optimistic target over time.

Real estate is not your primary occupation or business.

Good chance that Edith can get a full year of rent free occupancy if this property does go to foreclosure.

Maybe , if I try really, really hard, I'll be able to get the occ up to 95% and then it may be a "good deal " as per the 2-50 crap.

David Krulac - Yes, you can't get a "Certificate of Occupancy" with those locks, but while vacant it's unoccupied, so IMO the certificate can wait until I've got an occupant (tenant or buyer).