Since you have a daughter also check out which neighborhoods have good multifamily stock along with good schools. 

To be effective, you must buy the property at a very good price and maintain a very tight renovation budget. 

You’re way better off just sticking your money in the stock market and not having the hassles of dealing with STR tenants! 

this property is well maintained 50 unit around ten years old preforms well and has assumable low rate freddie debt asking price is 11.7 mil assumable debt is 6.5 mil at less then 3.5 % 

Do you know if the first right of refusal is maintained under the new law? 

Rubber, torch down roofing, is a tried and true method that lasts more that 20-25yrs if properly maintained.  

Most of our housing stock is 60 to 120 years old and requires a lot of capex, especially the bottom of the barrel properties are typically fools gold, because capex will exceed cash flow over a few years.

This approach allowed us to maintain full control over the process, from acquisition to resale.

Assuming the house is in great condition and previously well maintained throughout, then as needed work will probably be okay assuming you have the experience to discern what needs basic handy work and what needs a specialist.

When you meet with the contractors, make sure to have them help you understand what you have, what will be required to repair and maintain what you have, and what you should be budgeting for future capital improvements, if needed.As we go through DD, we are also putting together the strategy for the park, performing our rent survey, running our test marketing to understand the demand in the market, and creating the budget for the project.All the best,Jack