Now this property doesn't have enough equity left to pull out more money through a cash out refinance to purchase another multifamily so I'm going to have to sell to access all of the equity left to purchase a 2-4 unit.Again, I'm not a fan of selling unless that is the only possible way to access enough equity for the next purchase and the next purchase should be bigger/better otherwise no point in selling for the sake of doing so to buy another similar property/location.

There will be some giant surprises to many there when you have to start paying engineers for frequent evaluations and making the structural repairs required.   

@Forrest Brown,  I'm never a fan of telling anyone that writing a check for taxes is the best idea, but it does depend on your goals and your potential tax liability upon sale. 

In NC, that doesn't seem to be something agents do frequently. 

We frequently have properties offered to us off market in the $250k-$750k range but finding decent lenders or investors is a slight challenge. 

I would replace the ceiling fan.

This is one of those posts that I will need to return to frequently to re-read it to pull out all the juice I can.

Not a fan of just basing it off rent, while that is a good gauge, it can be way off - just like cap rate can be on a MF building - good indicator but a lot more research and analysis is required.

As a 1031 QI, I'm obviously a fan of 1031 exchanges. 

If you can get the carpets in direct sunlight, and under industrial-strength drying fans (more on that below), you may be able to get them dry.