If you’ve never owned a rental before, I’d highly, highly, highly advise staring out much smaller than 13 million and 100 units, and frankly unless you have 13 million in cash no bank is going to lend someone with no experience 13 million dollars, I’d start with multi family in one of three places, a class Baltimore, canton, fells, Fed hill etc, Frederick or the eastern shore of Md all of those markets are somewhat affordable have good tenant mixes and a relatively safe, see how it goes, if you like it, than buy another 2-4 unit, than another maybe once you have 8-10 units if you still like it, still are making money than go for something bigger.

They will be able to discuss with a few attorneys and give you possible advise in the situation and direct you to an real estate attorney that will be able to answer your questions.

@Ty Mould , we don't like and normally advise seller clients not to sign assignable contracts. 

They advise and coach each other with just facilitation by myself and a few others.

it's that simple.2. you switch to a landlord policy on or about the day the tenant moves in3. no, you don't refinance your mortgage just because a tenant moves in (unless i am missing something the two have nothing to do with each other)4. let the PM do this5-6 - up to you, you don't need either one when you're getting started7. too personal a decision to advise, but yes you need reserves - what if you need a new furnace or new appliances?

I always advise my clients not to permit subleasing except in limited situations.

Would be interested in joining, please advise.

Great advise from the veteran! 

Thanks in advance J Scott has a good book on rehabbing properties, and there are a lot of other ones out there that will give you great advise!

Anyone have any thought or advise?