I have held my 20 unit for about 1 1/2 years now, and could give you quite a bit of info about our management company (the largest in SB). 

We're in the shadow of Vail ski resort, a mix of old ranching, new recreation, trust funders and up-valley commuters.

Rewey  I have a client here in PDX that is a big Toyota dealers I think they have 3 stores and they are HUGE sub prime auto note buyers I mean BIG probably one of the largest on the west coast if not the US.. and we where in a meeting on something else when I asked him how the heck to you take this riskI mean folks can just drive off with the car.. and he explain how it works.Now in the deep south in Jackson MS when I was down there I would also see these used car dealers with the 100 down 100 a month..

@Tracy Layton many investors in your position will go without the Property portion of the insurance, but keep General Liability (GL) coverage.GL is usually 10-20% of your total insurance cost, but could be the largest financial claim.

@Jennifer Jacobs  you guys are fortunate  in our little state there has to be at least 10 of them so it can be darn expensive to cover more than your local area.. the Portland PMAR is by far the largest.. but you go down valley a little and there is the Willamette valley one and so on and so forth all charging their own fees to put things on there multiple.. same with over on the coast..

I'd be looking at $10k to replace all the windows and patio doors, or nearly $15k if I keep the arch design.The other alternative is of course to simply not replacing the windows, unfortunately one of the main selling points of the house are the views and the ugly aluminum windows get in the way of that.The property itself is one of the largest in the neighborhood(3500 sqft), the closest comp is considerably smaller(2800 sqft) and not freshly renovated sold for nearly $1m last year.

"At its peak population of 1,849,568, in the 1950 Census, the city was the 5th-largest in the United States," Now, of course things are different.

We targeted the largest growth markets within easy driving distance, and then researched and visited each area until we decided on one, and invest there. 

The largest cost is obviously the plumbing alterations and if you can avoid them.

You would need $3500/month in rental income to make this property a keeper.Best option to increase cash flow would be to sell and reinvest in largest multi unit with minimum DP.