You could make that kind of pathetic return in a bank CD!!  

You are beginning to sound like a Poker player that keeps adding chips to a pot, looking at 2 Aces and a King, thinking the odds are with him drawing another Ace. 

There is some class c/d multifamily on the next block that I don't like, but the rest of the surrounding residential neighborhoods look pretty good. 

I may be able to work a deal with them after the first transaction.Time is not a concern, but I would like to generate more profit than if I was to invest it in CD or stock market.

Perhaps you take the deal to a larger player and get a referral fee

As long as you include a 'due diligence' clause saying you can cancel the contract at the end of that period you should be covered.Not sure why you are even worried about who pays what closing cost if you're in a hot market and are a serious player.

Remember, you're walking through C/D areas doing this -- it can get weird when you turn down the wrong street in the middle of the night.4.

Strange as it sounds - $1 Million doesn't really make you a Real Player in the Apartment arena in most situations.It could fit you into a number of Duplex - Fourplex projects!  

I would rather get into multifamily properties but all those in and around my area (for 30-50 miles) are in C-D neighborhoods. 

After all they are all aware that these risks go along with being C/D class.