This might sound silly, but an old fashioned spreadsheet if you only have a deal or two.

We were running out of money to continue carrying the property, so we took it.We refinanced all our existing debt into a new 30 yr loan for $2M, which was 10 years IO at 8.375% before going principal + interest in years 11-30.

Quote from @Pranav Patel: Hello,I'm 22 years old with roughly $50k saved up through part time jobs and internships.

Hey Jeff without knowing any details everything is what you are able negotiate. but you have to take in account the years interest rate and purchase price and what kind of cash flow.I will say get a mentor if you’re inexperienced these kind of deals can go left if you really have little knowledge when it comes to structure .

Years ago I bought houses for $25k in my market.

Specifically, the the loan guarantors need to have controlling ownership in at least (i) 3 multifamily properties [with the first acquired at least 2 years ago], or (ii) 1 multifamily property that has been owned for at least the last 5 years. 

When you learn the business after a year or two you can either go out on your own or stay with them. 

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof). 

Materials have increased more than 20% in the last 5-8 years.

Renovated it, lived in it for 2 years then moved on.