Depends on the town’s rules, though, so check that first.Renovation Loophole: Some places let you raise rents or get out of rent control if you do big renovations.

I think it is easy to become overly reliable on these tools and just let it run.

I recently sold one I had on Seabrook Island because the club/regime/HOA were frequently changing the rules and making it harder to operate smoothly.

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

One problem may not be feasible to fix, and the other is easy to fix.Does the apartment complex have a unique feature that makes it more desirable? 

So focus on lead generation.Once you have that covered, then yes you do need to have a bit of insight on the workings of the transaction.But all this should be easy to figure out the moment you keep commonsense in play.Start with getting in touch with a wholesaler-friendly attorney for your closings (if you are in an attorney state), and build a relationship with him (that is also what I did)..He should guide you along the way as you go.

If you're looking for cash flow (like the 1% rule) and amazing appreciation potential, I do recommend a market like Columbus Ohio. 

They seem to either go one way or another, NO investors with strict HOA rules, or full force on investors. 

So all in all - it was a relatively easy learning lesson and not much loss on my end.  

Check out the federal rules as there is currently a ban in place for most foreigners to buy in Canada.