There's old cat feces everywhere, noticeable urine stains, scratched up walls, black mold on the walls, rotten window sills, doors made out of wood and chicken wire that apparently were built to block off hallways, a tree partially through the roof in the living room, holes in the walls in some places, refrigerators that are beyond disgusting and vanities that are barely standing among other issues.The place has a lot of potential I think once it's cleaned up but I've never tackled this kind of situation before.

I just feel like in all my "Newbieness" that this is a what came first the chicken or the egg situation.

If Ricardo wants to use that unit for storing rubber chickens, it is well within his right to  do with his property as he wishes. 

The next level beyond that would be to invest internationally.For me I would value more highly having a brand in a specific city and be able to exercise economies of scale with contractors, materials, etc. over ensuring that I am hedged against any type of economic changes.At some point I think it becomes a "chicken little" type situation. 6 units in 1 city does not seem excessive to me.Another simple way to diversify would be to invest in different types of units.

Chickens, OK, loose Pit Bulls, OK.

Its funny looking through the list seeing that there was at least 20 properties that had code violations for chickens, roosters being too loud, and people treating there property as a poultry farm by breeding chickens.

Yes, some people keep pet chickens in their house.

Chicken egg question.

.~$3M in cashNet worth of $5M-$10M$500k+ in liquid assets (cash, stocks) in addition to capital being put into the dealExperience in managing large apartments (quite the chicken and egg, am I right?) 

But when you're talking about repainting window frames and a porch it's a bit like a game of chicken.