Comment on what star neighborhoods you bought your property on, and how do you feel it would equate to the traditional A-F model? 

I know of several friendships that were ruined by mixing business interests into the equation.

I think one of the majors parts of this equation is the apartments are furnished. 

Part of this equation goes back to the importance of working with good contractors.

If you can answer these 2 questions and add value to the equation somewhere you'll be in good shape.

You'd need to figure this into your equation. 2) How do you know it's worth $230K?

If the landlord pays the utilities, you have to include that too.However, as a house hack, below is the equation I would use:House Payment = Mortgage payment plus expenses less Rent (you receive from one unit)If your house payment for this property is LESS than what it would be if you rent a house in the area, then by all means go for the deal.

If you two can find a way to live on your income this becomes a very different equation.

My wife normally handles the people equation of my rental business, because I am too nice and care about people's feelings too much.Do I need to even tell him that I am getting multiple bids?

@Bryan ClementIt all depend of what will make you both sleep better at night.For some people having no debt is a freedom that is worth it.For some it’s a maths equation where you can make better return on your cash than the interest accrued on your debt.