On the flip side of the coin your risk and expenses are reduced.I would wait to open a LLC until you have found a deal where you need one.

Also there is currently free laundry that could be converted to coin op. 

The common areas have electricity for lighting and hot water heat and there are two coin laundries so the owner utilities consist of common area electric for lighting, gas and water for the common area heat and hot and cold water for the coin laundry. 

I thought that as well but I believe there may be room to charge market rents in the near future as well as adding some additional income via coin operated washing machines. 

Let me tell you the other side of the coin, to all the new Realtors, when they head the word investor, is that you are going to visit 50 homes, and this is going to take you at least one week or more of all your afternoons, all this homes are worth 60K located probably 2 hours drive.

Has anyone any experience with LG commercial coin operated washer and dryers for their apartment buildings? 

Small family owned co in the Dallas market.

Paul Coin.

On the other side of the coin, if there is too much risk (and shaky profit), then you try to diversify the risk as much as possible. 

Details below: Contracted Purchase Price $275,000 Seller agreed to finance 20% down over 5 years and contribute $2k towards closing costs Building needs no works as the current owner has fully remodeled each unit including new roofs All units currently rented, approved for section 8 (if needed), and is current on all licenses/city inspections20 separate parking spaces that can be rented each month for additional income (currently bringing $150 per month)Coin-op laundry on site bringing in approx $175 per monthSee below for property evaluation: Scheduled Gross Income           $92,880.00Less 5% Vacancy Rate              ($4,644.00)Gross Operating Income            $88,236.00Less Operating Expenses Taxes              ($15,179.00)Insurance        ($2,645.00)Water              ($2,400.00)Sewer/Trash   ($6,000.00) Mngmnt (7%)  ($6,176.52)---plan on self managing but need to allow for it Maintenance   ($4,411.80)Total Operating Expense           ($37,022.32)NOI                                             $51,213.68Cap Rate                                    18.6%Our lender does not want to allow us to use the full 20% from the seller.