The goal is to slowly build a real estate portfolio and get to a point that I can eventually sale my business. 

So, winters are the traditional slow times for sales & rentals.

. $450k-$500k Purchase price you will have a chance to cash flow a few hundred bucks in Colorado Springs but it won't be much. 

When they go on sale, I post them here but I pick some up.Coffee makers (broken carafes) and waffle makers.

On most small MF that get listed for sale, the owner lost interest years ago and management attention is in a steady decline until something triggers the sale.

My strategy would then be to lease at least two of the renovated units, increasing occupancy to 90%, which could improve the chances of securing favorable terms for refinancing.I haven't pitched it to the seller yet.

Without one, there is a small and remote chance that the existing system of insurance, mortgages and the US housing market as we've known it, is at systemic risk due to; over-financialization, risk aversion and regional fragmentation.

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Actually, it is possible do structure a 1031 Exchange on the sale of one or more relinquished properties and then using the proceeds through the 1031 Exchange to construct improvements on real property you already own.

The proceeds from the sale will probably go toward rehabbing Lot 2 and sell it for more.