In July 2014 I bought a 200+ unit deal in Dallas, TX for $6 million and at closing the property appraised at $7.4 million.The deal was off-market and I located by doing a strategic direct mail campaign.This was a tough repositioning deal, but since buying, I have spent $500k of my $750k rehab budget doing interior and exterior upgrades.I am working with a third party management company in TX and we have increased rents over a $100 per unit since acquisition.We increased occupancy from 84% in July 2014 to today we are 99% occupied.I raised $2 million for the deal by doing a syndication.

The property requires about $15-$20k of exterior repair that the tenant is willing to do.This seems like one of those too good to be true deals.How do I protect myself here?

The inspection will be exterior only.

@Troy Fisher I am going to be honest and say I do not visit the properties like I should and when I do I only walk around the exterior of the 5 and 8 unit apartment building and I do not talk to my tenants or see the inside of the individual units.

There was an altercation, and he broke two exterior windows, the TV, and then left.  

I took pictures of the apartment with my landlords permission, focusing on the exterior of the house for the cover shot, and turning on as many lights as possible inside to keep things bright.

@Matt HolmerThey sell units with multiple interior units with one exterior unit and I have seen some of these in Europe but the two I had installed were single interior. 

Exterior is excellent.

An exterior visual can give you a good indication of what is inside and how the property is being maintained.

You can even match the color and texture of the exterior concrete floor to the interior hardwood floor, interior wood trim, and window casings.