Its up to you and your 5 friends if you wanna tackle it or not.

My goal is to understand the paperwork, put together a team, and try some smaller deals (6-10 units) before tackling the $3-5 Million projects, which is my three year goal. 

The engineer tackling the problem won't return a scope of work until at least mid-week next week, after I've spoken with my attorney, so I'm thinking I should be OK.  

I might be able to refi if I raise rents, but I would be looking to tackle that down the line (a year or so).  

Also, my wife and I will tackle this new venture together, so if anyone has any suggestions on how we approach this to maintain a healthy relationship, please feel feel to post them.      

Have never tackled a remodel, so should be interesting.

We ended up tackling this project and it has become VERY PROFITABLE from a money standpoint, but also VERY TIME CONSUMING.  

Others might tackle those issues when those units finally become vacant if they were occupied to begin with, then raise prices on that unit if it was under-market.

Not sure about what business model i would like to tackle but am thinking it would be best to start out super small (valued @ 20 or 30 thousand) with a low cost property.

My philosophy is to tackle what your knowledge can handle.