This is a whole other thing- you have to have nice, pretty apartments (where students are much more lenient) and furnish them with everything from bedding to forks to toilet paper.

We will be putting $3,700 down, and borrowing $15,000 over 4 years at 5%, which is 4x the interest rate our relatives make on their savings in a bank CD, making both them and us very happy with the terms of the transaction.After closing, we anticipate ~$4000 in rehab costs to bring this very tired unit up to date, which will include refinishing the hardwood floors, complete repainting, new kitchen flooring, new counter top, new appliances, new lights, blinds, fans, toilet, etc.  

It's going to be older/neglected real estate, so the sellers will generally go along with it if it helps get the house sold.Example:Identified a below-grade un-permitted basement bathroom with a jenky pump lifting the toilet waist up to ground level and into the sewer system that was all sorts of a hot mess, no way anything about that bathroom is up to code. 

You don't need a permit to change a leaky faucet or running toilet.

But I'd invest in either given the numbers pan out.

@Enrique Saucedo, I did a substantial amount of remodeling on all of the units.The first 7 units, in Mountain View had essentially the same level of work: New flooring, new oak kitchen cabinets, new granite counter tops, new appliances, new toilets, new tile, grounding of electrical outlets, sheet rock, paint, new fixtures.

Tried in Arizona a year ago but didn't pan out.

One day when the dumpster was full I found two mattress and three toilets next to the dumpster.  

I needed to replace a flapper and chain on one toilet, I rekeyed the locks, and I'll need one light bulb.  

I'll be following to see how it pans out!