We haven't ironed out all the details yet, but the arrangement may look something like this: - Friend pays off remaining mortgage balance of $62k - Friend deeds me the property for free - Friend funds the rehab - he expects $15k - $3k for each bathroom remodel and 7k for kitchen and 2k for misc- ARV = 130k - potentially more.

I'm sure the loan details will be ironed out once the SBA begins processing my application.

Apartments can be built for less, but the profit is in higher end apartments so typically the apartments being built have pools, rec rooms, work out rooms, BBQ area, etc. 

Ironically, although it’s not within walking distance of the local university, the tenants are a young professional couple, both employed by a local university.

That is to put their feedback mildly :-) I had a bit of drama when the company almost refused to allow me to use that inspection company but we ironed that out (I would have ended the deals if we couldn't use who I wanted).  

Quote from @Tad Sillman: @Clint JusinoAre all the drain lines cast iron and the supply lines steel?

But most importantly (b) I get a strong sense your the personality who NEEDS it to be away, so you don't sit and fret and hover on it all the time, which you will if it's close by, and ironically being a "helicopter landlord" is what will greatly increase tenant issues, not decrease them. #2 - PM use is a MUST.

Even EAT by the river with the picnic table and BBQ pit. 

Ironically people who have no knowledge of building then castigate those who do. 

Ironically, the opposide is true for the ones that don't look great for years 1-5 or so.