I think it would be awkward if you raise the rent after a year, might cause conflict between you two. 

We have another park with a free space rent manager and as we have raised the rents he continues to live there for free. 

If they support a rent increase, you could look into raising your rents by that amount to offset the cost.

They sell a 4 unit for close to 1 million dollars close to Jacksonville. they want 250k or 300k down. there's no upside. you can google the properties on biggerpockets and there isn't a lot of satisfaction. it's a slow return and get rich slow strategy. our focus is always as a builder to add maximum value, lower cost as low as possible, build and rent and build and sell the same product and raise prices to help investors out. we have a large market share and large purchasing power in our market in columbus ohio. the one strategy I never liked about turnkey new build brokerage companies like them and build2rent or others is they don't really build close to urban centers and most are single family homes. the numbers don't work on single family homes. if single family was the way to go more companies would be doing it. but by far the most common type of new construction built is three story walk up apartments.

NONE of the money raised from the auction of a 2nd goes toward the payment of the 1st (that is why they call it "subject to the first")4.

Some numbers:Expected 2026 income after raising rents to market value and assuming 7% vacancy: $144k.Expenses: $14k property management, $18k property tax, $10k insurance, $10k utilities, $8k in repairs/maintenance/advertising/admin/etc: Total operating expenses: $60kNOI: $84kBased on 6% cap rate that brings the valuation to only $1.4m, or $1.5m based on 5.5% cap rate.

Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

This motivation lead me and a business partner to start Raise the Standard Property Management.

I have it raised for $25 on 1/1. 

As raising rents often comes with an increased vacancy exposure risk with renewals, it may not always be the best strategy.