I have a lot of great connections and am am a referral machine. 

Your Gross is about 300k shy and if it’s true the expenses are that low, this place is run like a SUPER well oiled machine.

For example University City could be a great opportunity to AirBnB with all of the attractions and Wash U nearby but they only allow it if it’s your primary residence.

lets say in this market your actual cash on cash with quality assets is about 5 to 7% return I think that's pretty fair in todays market on 100k rentals.. so lets say 7%  of 25k.. give you 1700 a year in cash flow net.now lets say you bought a quality performing note secured on the exact same collateral.. only instead of investing 100% of value your the bank at 65%  so you loan 65k  your spent 75k on your down payments to generate 3X 1700 a year.and your performing NOTE on the exact same assets  at 65k is making 9%  which is quite doable.. so roughly 5900 a year in come on your note.. and you have ZERO cost to your note.. its just pays every month.. into your account.. so take your 5900  and 3X 1700 5100  that's 11k a year .. pay down one 75k note you will pay this off in about 7 years .your note at 65% LTV being interest only is still worth 65k.. its just a cash flow machine.. and now your free and clear asset just dropped a 500 a month payment ( just spit balling.. ) now you have another 16k a year to pay down your next note which has been paid down to say 65k with normal payments so in 5 years that's paid for then you do the next one and its paid for in 4 year lets say.. so in about 16 years you now have 3 paid for houses and your 65k note as its still an interest only note.. and its all equity.you income on those three homes and your note.. brings you up to about 3k a month or so.. and its all paid for. not a bad use of 150k to start with.. and pretty manageable for home.Or you could just buy 3 notes to start with making 14k a year in income and save it for 5 to 6 years and pay cash for homes going forward.. few ways to work it.. 

If you are offering vacation rentals, all the linens need washed after stays, cleaning needs done, trash needs taken out, etc.    

Before repainting everything and replacing carpeting I'd recommend picking up a good ozone generator machine at Home Depot or Lowes and running it in the apartment.

After closing costs and the downpayment, it's pretty much a wash.

If the first condo was purchased this year you should be able to use a lease to wash that payment and the appraiser will give you market rent for the new condo

(I felt really bad for him, and am not at all on board with shaming your kid like that, so I was matter-of-fact "Okay, no problem" and gave them new sheets/took the old ones and washed them; the end)

All of which I'll be helping with.Bank is funding the deal, partners are split 30/30/30/10 and we all put in 20% down plus closing costs.I'd agree that yes, on site he'll have more time, but it is our first deal which a lot of learning, thought and time was put into creating a marketing machine on the front end.