The seller can supply everything they used to market, pictures, ad copy, etc., but they cannot sell their AirBnB account to another person.

In the self storage market, they have ratios based on population to determine demand.

I'm looking to pickup some multifamily real estate but the barrier to entry is crazy in my local market.

I agree.. just look at any large mid west or rust belt metro.. there is a ton of houses avaliable the question though will folks buy in certain neighborhoods where inventory is readily avaliable you can buy existing in many of these markets for far less than new builds.. so to me its really a neighborhood issue  a school issue a crime issue etc etc..

With all of that in mind, I think it would really be dependent on where you see that specific market going.

Remember syndicators run a business, and they invest in almost all market conditions.

HUD and Agency financing is another beast compared to conventional or non-bank lending (Secondary Market).

As others advised, get a structural engineer in there to review the conditions.

I doubt any respectable lender will consider a property without electricity and missing breakers as "working" as the property is not habitable in this condition.

Hi Anthony-You asked about the best ways to find off-market deals for your in-laws to buy and move into and you are focussed on the Santa Barbara, CA area which I have been to and it is gorgeous.It kind of reminds me of an Ann Arbor on the ocean. :)Anyway, I like your strategy of driving and looking for houses in need of repair and sending handwritten letters and contacting rentals for the reasons you gave.