Austin,A couple of things from an Insurance perspective:As a 5 unit, it is not eligible for a Dwelling Fire Policy in most companies (they go up to 4 units) so you will need a commercial policy (could be a Package policy or BOP policy).Here are some things to look for from an Insurance prospective: Any in-ground tanks (active or inactive)Any Knob & Tube or Aluminum Wiring (even if the service panel is new check for the in wall wiring)If built before 1978, does the building have Lead Safe certificationsAny wood stoves or secondary heating units.

I posted the following to someone who was just starting as a property owner and some of it may be helpful with your research:Here are some things to look for from an Insurance prospective: Any in-ground tanks (active or inactive)Any Knob & Tube or Aluminum WiringIf built before 1978, does the building have Lead Safe certificationsAny wood stoves or secondary heating units.

Beware of pretty appearances, non standard building techniques, aluminum wiring, newspaper used as insulation, lath/plaster walls, piece-meal additions, real 2”x4” (not 2x4s) and square nails.

I started a small meetup of real estate investors in southeastern, Ct.

About 5 months ago, I rented a 1-level house in Southeastern Michigan.

While you are up there, look and see if the wiring is knob & tube, aluminum or romex.

In the future a really nice trick for covering those items... aluminum foil.

Below are some generalizations about ongoing maintenance costs: Older properties require more maintenance than newer properties.Composition roofs require more maintenance than tile roofs.Properties in climates with hard freezes require more maintenance than properties in milder climates.Properties in locations with a lot of moisture require more maintenance than properties in dryer climates.Wood siding requires more maintenance than aluminum or stucco siding.Properties with lush vegetation require more maintenance than properties with little or no vegetation.Below is a typical Las Vegas single family class A home.In summary, I believe Las Vegas is not only a good place to invest today, it has a high probability of continuing to be a good investment location into the foreseeable future.

If you are from MA and can provide some guidance as to how to find an attorney in the South Eastern area of MA who will not just shoot this down and will know what I am looking to do, please let me know. 

Southeastern Salvage...and there's a place across the street too (forget the name).