And we usually replaced windows/storm doors and HVAC systems within a year of purchasing older units, and this has helped as well.

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

@Ming Huang Based on the numbers you've shared, I would advise against the deal, unless you can negotiate the purchase price down and/or rent it for at least $1,150.

We just closed on a 71-unit apartment complex, our largest purchase to date.

Here’s the bottom line; unless the deal is VERY large, or the sponsor is going to syndicate a large number of deals, the investor will make more money purchasing the property theirselves with a option low to moderate interest rate loan.  

But you have to purchase new investment property of at least as much as your net sale to avoid tax. 

To OP, it's not as scary as you think it is, this will be your first home purchase, you can purchase a multi family or SFR and house hack.

Your goal is to plant the idea in their mind and create a situation where selling to you feels like the easiest and most logical solution for them.If you haven’t already, the first step is to get pre-approved for a mortgage so you know what you could afford if you were to purchase the property conventionally.

I've helped a lot of investors in your area, and I find that many of them end up purchasing rentals in the Central Valley for the very reason you mentioned.  

Purchase price: $185,000 Cash invested: $5,000 Sale price: $220,000 Occupied by my in-laws.