I guess the only concern is you are afraid of paying the improvement cost, getting undesired or unqualified "improvement", losing the ability to increase rent, etc.

There are a number of "filters" which will eliminate properties including:• Known bad floor plans• Subdivisions with rent restrictions• Known undesirable subdivisions• Properties with traffic or access issues• Properties with excessive drive times• Ratio of lot size to the home's footprint• Tandem garages• Close to nuisancesWe also like a (very) few town home communities.

Considering I will only have 25k I do not see buying a multi family as possible unless I live in a very undesirable area.

In Denver for example the Montbello sub-market which is typified by low clear, poorly loaded undesirable properties experienced a resurgence after amendment 64 was past.

No money to be made dealing with nothing but undesirables.

And finally, after considering the area of the condo my friend owns, I realized that it may attract undesirable tenants.  

With a value of 95K and rents at only $800 there is next to no cash flow which is not uncommon for SFHs.Combining negligible appreciation with very low cash flow makes this a undesirable income investment property.Let your father sell it and do as he sees fit with the money.

I am currently looking at putting in a offer on a apartment building.  The dilemma I have is that the property management company is renting one of the lower units to conduct business.  This company is also the compan...

If so, any agent can look into the agent view on a property and see the numbers you are looking for.If this is a deal you are looking to buy directly from an owner you will have to depend on them to get you the info you need.Either way, when purchasing properties with inherited tenants make sure if you get any inclination that the tenants are undesirable that you are factoring into your offer and underwriting the cost of getting the current tenants out, the turnover cost of renovation, and the money lost from the vacancy.

People usually become landlords out of state because they live in an undesirable area.