Near a hospital and University of Kentucky for steady stream of renters at a premium rate How did you find this deal and how did you negotiate it?

That is how people start with a 6-unit and end with a 60-unit.Add Income Streams:  Look for opportunities on your asset to add income streams. i.e. laundry mat, garage fees, etc.Commercial Loan:  Once you've saved enough money for property #2, consider a commercial loan that will cover both assets. 

@Mat O'Grady Wasn’t there a movie about a guy who bought an apartment in Paris with a life estate and he waited forever?

That is correct, only one GFI per circuit and everything down stream is protected.

This is a huge bite for a new investor to take, I realize that, but on paper seems to be a great deal if the income streams could stay (current owner has owned and operated the place for the past 40 years and is "retiring" at age 60.) 

@Mike Jacovelli, I think the guy that told you a hard money was going to come after your family watches way to many mafia movies.

They have an 80/20 split plus two other income streams (stocks and revenue sharing).

Thank you BiggerPockets, Live in Bellingham WA and am a RE Broker aspiring to become a passive note investor for multiple income streams.

But you may lack the systems, technology, passive income streams, and growth that may keep you in one place.

Forbes Advice: “Property management is tough business and isn’t usually the main revenue stream for turnkey providers.