Is the garage still functional?

I don't care how good your CF is, you are not going to drive the IRR strictly on CF - Bob knows this, and this is what I think his argument is.Now - with this being so, in the apartment space appreciation is a function of value-add.

Use the key word function to be informed of topics of interest.  

The place doesn't even have a functional septic system and is in very rough shape (I plan on $100K in reno) so I am not sure how they are going to move in let along get financing for it. 

I could have the studio portion of the property (now functioning as the living room/kitchen) maintain its shared entrance with another unit in the property.

@Marvin Meng - that maxim about "If it's a real deal, you won't have trouble finding money" primarily applies to wholesalers who are trying to sell properties to investors by assigning the contract (it needs to be a real deal for the investor - if it is, someone will buy it) and to situations where you are partnering or syndicating (bringing on other investors as part owners) where you have an established track record and a good deal that people will be willing to buy into.Starting out to buy and hold or flip- you need your own capital OR you can borrow from 401k (cheapest) or credit cards (some are cheap or can be kept that way by rotating through various low interest deals) or you can borrow from family and friends and make it worth their while OR you can look for seller finance deals.  

I work over 50 hours a week selling cars with a rotating schedule so its tough to start part time as an agent and continue my full time job.  

In Washington they would need to go to the department of licensing and fill out a affidavit for lost title which would function as a temporary title until the replacement comes.

I would analyze the apartments as a separate function and and make my decision on that.

I find a noticeable difference in pristine, showroom sales condition and what I call or have heard called fair "rental condition" (clean, functional, but not perfect)...Unless you get a  super careful tenant, your unit will be closer to rental condition after the six month tenancy than pristine sales condition.