Usually the property is priced too high and you don't have the market and negotiation expertise to deal with the intake on properties now which require strict systems.

First of all, congratulations in taking the first big leap into your real estate journey! 

Most tenants to move in to a beautiful and equipped home tend to make more efforts in taking care of the homes.Think of it this way...

It could be a great opportunity to sell it off to a developer or even pay to have a structure built and then you personally sell it off.In order to assess value I would take a look at the neighborhood you are in, take the average house and then find comps for house prices.  

This gives you a figure to work with in taking depreciation on your federal taxes.

I'm interested in taking that approach and was wondering what your method was for locating a good source (facebook, or what have you) for finding deals.

My goals is to intake as much knowledge as possible, network & build relationships with those who are already in the game, so lets get started!

@Alan Baumann Alan I’m beta testing a value add MF deal with a pro forma workbook I made.Let me know if you have are interested and I’ll send an intake sheet to you and if you return it to me populated, I’ll send a full analysis back to you.

Be careful in taking any action outside of court.

If the deal is a cash cow where .175 isn't a factor, then that may also give you some safety in taking the lower rate, knowing you can easily absorb a higher rate on the back end if in three years rates are up and not down.