You need to analyze this property from top to bottom, you need to do a rental survey for the area to determine ARV.  

I would dispute every  fee that was not originally disclosed at the old sales price except for  the survey fee, which is valid.  

You would need about 12k to 15k for all closing costs typically (legal, survey, cost reserve stable, phase 1, site inspection, appraisal, etc.)If the bank allowed a seller carryback of 10 to 15% you could go higher in price and leverage.A 60 unit at 500 a month rent for 2 million for example would look like this.500 x 60 = 30,000 a month x 12 = 360,000 yearly divided by 50% costs = 180,000 NOI (net operating income).

You need to start with a markey survey and look at the need for storage, what kind of storage?

Developers do a lot more of the heavy lifting or project management like surveying, civil engineering, architecture, etc to get the property entitled.

You will most likely need a land survey done and stamped with application along with local posting and approval from abuttersIts a long process can take months Best of luck

From when to go for financing to when a survey is done.

To get into that path of progress, you are going to have to get a feel to see what areas are set for improvement by talking to locals, surveying the landscape and trends, contemplating potential new transit lines or nearby large developments, etc...

Just curious if everyone's still crushing it despite these not-insignificant tax hits.As far as management fees, like most I'm not a huge fan of another 20% - 30% hit in that department, but also, like most, I have a full-time job that (in my case) doesn't allow me the ten hours per week commitment for self-managing as reported by @Monika Haebich in the HomeAway survey.

And possibly a survey, which shows boundaries and easements and encroachments.Set up insurance, cost varies by location and value of the property.Title search, around $300Title insurance $195Title company fees: Electronic file storage $22, wire fee $15Recording deed $28 and mortgage $62State tax/stamps  $1102Tax to the circuit court $630County taxes $863.