Sounds like rolling the dice to me .  

If you are also living below your means, saving, and reinvesting after tax dollars you can get the ball rolling faster.Nothing ruins an investing career faster than a surprise $20,000 CapEx bill to a new investor who has $2,000 in the bank and just spent every penny they have on a high risk property. 

Roll back taxes, HOA arrears are just a small sample of undisclosed issues you will face.  

You can fulfill the 1031 requirements so you can roll it into another. 2)Does the baseboards work fine?

So if you have a $20,000 rent roll paid off you can count on taking out 10k.

Roll a dice.

@Ryan DragonThe question is are you happy with the Return on your current equity, and can you roll the equity you have into a better yielding asset.You're generating around $6,000 per year in cash flow, but how much equity would you have if you sold? 

Because it is commercial property, I need to get all the apartments rent out before I can refinance since the appraisal will look at rent roll when I have them to come out. 

If you have more time and little money then I would look at rehab projects to force equity and get your $ back and roll into the next!

The purchase price is $1.45M, with a current rent roll of $13K per month (market rent is about $16K).