Plus different approaches versus one size fits all.   

He's doing the "student army" approach to get deal flow (across the nation) just as many other educators are. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

I tracked the owner down and approached him at his Jewelry store.

@Robert RixerHere’s my back of napkin approach to easily sort thru MF deals. 

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

Unfortunately experience means you've made some costly mistakes :-) So, to avoid those costly mistakes, when I take on a new approach in investing, I buddy up with someone that already has experience doing them.

Until then, I'll be trying to absorb everything I can to fine tune my approach and prepare for managing REI business post-acquisition.

More importantly, does anyone have an outlet that will appraise the property off of an income-based approach appraisal and not sales comparisons?