Some local guys were going to be the tenant but a national company wanted to brand the location.

It will need approximately $25,000 in rehab to include electrical, updated bath and kitchen, new light fixtures, new flooring, and finish second bedroom. 

Matt,you need to tread lightly here.The previous landlord committed an illegal act renting a space that is illegal to call an apartment.

I am brand new to the real estate investment business and looking to learn more after listening to several audio books.

First of all -- I'm brand new to investing.

I haven't got experience at all but I'm thinking of looking for a MFR that requires light rehab.Any ideas of where to start?

We look today at companies doing this and it just screams "brand new" company, "I have no money to operate" as a company, and "I want to put all the risk on the buyer" as a business strategy.  

You will have to run infrastructure (streets to city specs, sewer, water, lighting, curbs, guttering, etc) if you subdivide it into multiple lots.  

Great job being quick to respond and hope you shed some light on the site for the other interested posters.

Hi everyone,My name is Joseph Montgomery, and I a brand new RE Investor in the area.I've been happily married for the the past 6 yrs now and we have 6 beautiful children(we both had two girls that we were raising alone, when we met; came  together and added a boy, and recently a baby girl) i know that may be a a little TMI for an introduction, but hey thats who i am.I right now am employed as a independent contractor with a courier company in the area, so i do alot of driving around looking at houses..My goal is to be a successful RE Investor full time..making 10 deals per month, averaging 75,000 per month.