So far none of our leads have been fruitful.

Not really sure what a good deal looks like but looks like there are some low hanging fruit with this property.

Move out of your parents house, Meet a nice girl, invest 50% of your income, and Enjoy the fruits of your labor. :)

Congratulations on the beginnings of what I hope will be a very fruitful journey for you!

Thats what I thought, just wondered if something had changed that would make Overages easier and possibly a fruitful side income. 

Hard money might be the way to get into the deal, but if you go that route you should start working on long term financing ASAP - even with 5 fully occupied and performing units, That's probably going to be a tough nut to cover with hard money if you can't refi into long term.Also something else to consider - are these all their own parcels? 

If you're getting financing that is much better than market, you can afford to pay more than the market cap. 100% financing at 2% (or more) less than market is nuts. 

However, even if we get into the nuts and bolts of the rehab and find the budget is too high, we simply raze the home and our existing tenants have a large yard for the next 7-10 years.

I can think of a lot of other business's that would be more fruitful with that amount of debt.

I know this sounds a little nuts, but it seems to solve a lot of "problems".