It is in a perfect location (off the square) in a very popular tourist town outside Austin, Texas. 

You do this buy buying a quality asset in a good enough location.

Depending on the State in which the property is located, foreclosure starts through a judicial process or a non-judicial process. 

I am specifically located in Bay View.

Property Overview- 105-unit apartment complex built in 1977- Mix of 1-bed/1-bath and 2-bed/2-bath units- Location?

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

However, the success of your project will depend on factors like location, renovation costs, and market timing.Many investors have found great success by focusing on high-demand neighborhoods with strong buyer interest.

But at a $1.5M asking price, as long as you don't have to spend more than $300k in rehab (without raising rents), this is a slam dunk deal that should easily be financed  at 75% LTV by a "investment real estate-friendly" bank/credit union that is located fairly close to the properties.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

As of now, I want to focus on distressed properties needing light upgrades to ensure the ARV justifies the rehab costs, or I’ll consider a turnkey property if it’s in a good location.