@Jasmine Bailey @Frank Chin @Michael Plaks @Corby Goade @Mark S.It seems the wise move would be to get the help of a CPA to get me started in the right direction.  

Mark,Yes I’d be living in the unit as a house hack because the FHA loan requires owner oxcupied for at least a year I believe.

A few thoughts in the back of my mind:Estoppel agreement - need this anyway, but in this case I could clarify any special handshake deals with the last owner and this resident manager.Relieve couple of any management duties like leases, walk-throughs, etc. as I can handle that now.At lease-renewal, make lawn care specifically part of this tenant's lease (and mark rent appropriately lower).Please let me know if I'm close to the mark or far off :)

@Mark WilliamsThe valuation of commercial asset (which your 24 unit building is) is driven by the NOI of the asset, the building class, the cap rate for that asset class in the area where the building is located and thit is very different from the purchase and sale of residential properties for which the value is determined by the price other people paid for similar properties.it is important to look at the P&L statement for the building you are looking to purchase and verify that it accounts for the expenses and income to work out the true NOI.The NOI divided by the cap rate and divided by the number of units would give you the price you should expect to pay.That price per unit will vary depending on the class of asset it is.Class A commands the highest price per unit and the lowest cap rateClass D commands the lowest price per unit and the highest cap rateNot the precise answer you were expecting but hope it helps.

@Mark Taliercio It looks to be around 25k-30k.

Hi Tim, I work in the for the Mark Z team in the Novi area but I help plenty buyers and live around the Dearborn area.

My Timber farmers who were just salt of the earth folks who lived off the land.. the biggest obstacle was they simply did not believe in anything other than selling and paying tax's.. most did not believe it was legal to 1031 timber deeds.. most of the time they just used a tax service and relied on them for their tax advice..I see most veteran property owners as not easy marks at all.. most of the time they want more than the property is worth.. :)

Originally posted by @Mark Baldwin:I can speak as an individual in this position.  

@Amber Smith I closed at the end of October, so I've just recently hit the 90 day mark.

Thank you @Mark Welp and @Antoine Martel.