Also, without even looking at the plans a 7 unit building will likely have flawed floor plans and/ or an inefficient layout unless its an irregular site.

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math:  What is the cost to acquire?

Understand the multi-family market, scale up portfolio efficiently, focus on value-add opportunities, build a reliable team, stay informed, and engage with the community for support.Good luck!

I did condo conversions for 2 years in Columbus Ohio on buildings older than 1950.

As for building trust with sellers, communication is key.

Quote from @Rory Darcy: Hi guys my name is rory, pretty new to this im an out of state investor residing in new york, looking to invest in wisconsin and illinois, currently looking to build my portfolio around multi family duplexes or single family residencies, would be great to connect with like minded investors or agents who can lend a hand.Rookie investors should not invest out of state.

I'm out of Fairmont MN also, been building a portfolio of apartment buildings in the area.

Most everything else you mentioned has been fairly standard on my builds since the beginning.

It’s inspiring that you’re both already running your own businesses—it sounds like you have a great foundation to build on!