@Eamon ConheadyThis sucksFor anyone reading this, it’s important to always use a 3rd party escrow company and send any monies to them.

If you're buying it shortly and THEN after you own it will it be ready and available for rent-the costs will be capitalized and accounted for with the basis of the property as well (when you eventually buy it). 

Each multifamily building I have has its own bank account.

That's because the city won't calculate the actual amount till a structure is built, aka it's not just a plot of land anymore.This will obvious cause your property tax bill to go up and also your mortgage escrow account as well (sometimes these things can make your mortgage shoot up a few hundred a month). 

Will you be managing this yourself or with a local company?

Also, make sure you have a great property management company who can be your "boots on the ground".

I work for Evernest, a full-service PM company, here in Birmingham. 

Through my studies, I met my current employer, who owns a construction company where I serve as the Sales Director.

Go search the topic "Lifestyle Asset University" here on Bigger Pockets and you will see a longer thread with a lot of opinions (most are not members) but still worth a read as there are a half a dozen paid members from our group who have commented on that thread.We were formerly called Lifestyle Asset University, but I didn't realize that you couldn't use the word University in your company name here in Utah so we changed our name to Vodyssey. 

It's up to you how far to take this though.When we're faced with this, we try to hold the tenants accountable, by pushing hard to do self-showings.- Who better to show the house and speak positively about than a current tenant?