First advice is always go to friends and family with this deal and try to come up with the cash to buy outright.

Excel is your friend as is your favorite 10B-II emulator app or even the 10B-II financial calculator itself!

@Mike Gi be sure to check Airbnb longer stays and Furnished Finder to see what your competition's pricing and decor are like and make your properties pet friendly if you can as this is always a way to out compete the competition.

I did the exact same thing 5 years ago except it was a single family and I rented the rooms out to friends, now my wife and I have built a portfolio of 10 homes.

Out of town, especially in places that are tenant friendly or C/D areas, are for experienced investors only.

I had a friend who came to me early '09' in a panic.

If you are really in Portland, you're going to have to really review the eviction requirements because it's known as a tenant-friendly locale. 

I have a close friend and business partner who vetted them also.

If you are considering this approach, I suggest you buy an A-class property in a landlord friendly city and get a PM.

A bad broker will try and soak you and will never get back to you and won't be worth a dirty diaper during the process.If you deal with a direct lender 1 on 1 then the processing and handling of the process will be in your lap.Some common questions to ask:1) Have them send you their bridge loan guidelines.