If you're a prospective buyer of a multi-family unit, here's another tip you might find useful when you're kicking the tires on a prospective property.Don't just look at the currently occupancy, check the eviction filings for that property address (it is probably public record at the courthouse - depending on where you're located). 

Just started my prospecting and working out the average operational cost of rental properties in my area.

It has some value, but the prospects of finding a buyer in that market are slim.As the title alludes, would leveraging this land and using the money to purchase local rentals be a profitable venture.

As long as I am happy with where I am today, holding will never make my life worse and only increase long-term prospects for a comfortable life. 

In the past, I've stayed away from partnerships because I have seen them go sour, however, I feel good about the current prospect and can see the value he brings to the table. 

So my question to all of you: How do you become familiar with prospective markets? 

If you see 3 beds and 2 baths, and the prospective tenant sees 3 beds and 2 baths, then it gets rented as 3 beds and 2 baths.What I would be concerned about is whether the building department is going to issue some kind of penalty or require work to be "undone" because the work was done without permits.It sounds ridiculous, but that kind of thing happens, especially when another whole unit is added without permission, and even more so if it's added in a potentially unsafe area like a basement or a 3rd floor with no fire escape.So that's why I'd recommend explaining the situation to the building department and asking whether it's something you need to be concerned about before buying this property.

I like the long term prospects combined with the future growth opportunity in the Mt.

Do what you can to deter problems from erupting at your property.

Either the prospect isn't qualified or the deals are not good.