That rental property we have is paid off and after all the fees and saving funds leaves us around $10k in profit.She also wants me to be the one with the title when buying, but it is also hard for me to get a loan with moderate interest rates since I’m currently 20 yrs old college student with no job.

Especially anyone under 35 yrs old.

But generally speaking 8% preferred return with an annualized 20% IRR after 5 yrs is what investors are looking for. 

I would then supply my 2 yrs IRS returns which only have investment income from my rentals on them.

.***   I'm fairly sure I need to install hard wired smokes (building is 100+ yrs old) and since they are shared, i'd have to put these on an owners panel?

They are going to provide their last 4-6 yrs of P&L info. 

Plus.the 22.5 ce courses every 2 yrs which can vary in the $200-500 depending on course.

I can't imagine trying to learn this stuff 25 yrs ago.

Here are some general specs: 8 br/4 ba Over 4300 sf3 storiesMajority of the house outdated Lots of knotty pine ceilings and walls Unfinished basementMissing copper pipes (stolen last year out of the basement and never replaced)Roof 10+ yrs Well waterSeptic systemPond on property (large enough to paddle boat on)My plan of action is to first see if the owner will allow me to get a pest inspection that I will provide to a contractor and ask for a bid.

We find houses that are vacant for 5-7 yrs.