I would finance it for the price of approximately 130k after taxes and would pay about 15k to have it installed (which can be financed with the board as well) The billboard company hasn’t given me a down payment amount but I’m thinking I can get it around 5-10% The location is right by the exit for a large casino that is already willing to rent.

They get new jobs, get divorced, break up with their boyfriends/girlfriends, have fights with their roommates, and then they just move.You can’t physically force them to stay, and the reality is you can’t even usually legally hold them to the full obligation of the lease because almost every state requires the landlord to mitigate damages and make a reasonable effort to re-rent the place to another tenant.So whose hands are really tied by longer leases?

Secondly I look for good "bones"/physical condition to keep operating expenses down.

I think it all depends on your comfort level and how much you actually want to be physically present.  

You don't need an agent who is in the REI market, but I do find that if you can lean in that direction that the connections and recommendations for the type of REI you want to do will come much more easily.Make sure you only work with licensed and insured contractors - they're responsible for the financial and physical success of your project and it is key that you're working with a reliable professional.With all that in mind - check out central Indianapolis.

The goal here is a) to demonstrate a history of income, and b) to demonstrate that you have assets (financial or physical), which may back your investment.

Our fund physically owns the assets (deed in our name), so the investment dollars are backed by collateral.

These units were build in 2007, and the pictures of the units look fairly good, but again, until I physically get to inspect it with an inspector and my contractor, this is just an estimate.  

Anthony and Greg gave good info.Freddie Mac or Fannie Mae agency loan options depend on the property's economic vacancy at the time of loan application submission, physical occupancy for last 90 days, submarket, and your net worth and liquidity cash position. 

Any fellow members know at which stage a foreign buyer must be physically present in the US so as to complete the closing?