You have all given me some great information to chew on.

My RE is trying to convince me to buy some unrented apartments that need to be completely overhauled, but that seems like a lot to chew for a first residential property, but that might be worth tackling.

I appreciate your input and I'm going to have to get chewed up and spit out a few times by people like you to really help me understand that I need to continue to educate myself and take things slower so I don't screw everything up for everyone. 

If I decide to purchase, I will likely use a HML for 70% LTV and a private lender to "gift" me 15% of the funds and the seller carries the rest.Ultimately, my goal is to generate capital to participate as a "silent partner" on syndicated apartment building deals.My plan is to find a portfolio lender who will lend against the value of the portfolio (~$1.5m).I'm probably biting off more than I can chew, but "a plan violently executed now is better than a perfect plan next week".What do you think? 

thanks :)Account Closed Yes it is not a lot in my area, I am looking to finance myself, and i don't think it wise to bite off more than I can chew.

However, this will be my first multi-family investment property and I'm wondering if I'm biting off more than I could chew this early in the game.

I would think the taxes alone is enough to chew up any potential profits.

There is a separate hydro meter run for it but it is disconnected because the owner said something about animals chewing the electrical wires in the attic.

But I would rather chew off my arm than ever refinance again.

short sale for 295k.. .leaving 5k in equity which will get chewed up in transaction costs an still be negativeand you want to know if you can get someone to lend your seller or you 120k..