I have been presented with 2 properties with 576 units, with the price To Be Determined by Market; Cash to Assumption of Existing Debt , the properties consist of;Total annual income of both properties; 4,088,316.00Total annual expenses of both properties; 2,344,761.00Total NOI for both properties; 1,743,555.00The vacancy is about 3% for both.One has an unpaid balance of 8,7205,06.00 with 4.13% interest rate and a monthly payment of 43,645.00the other has a balance of 7,229,981.00 with a 3.87% interest rate and a monthly payment of 35,011.00Is this a good deal or should I pass on it?

I tried the OKC REIA once and didn't really enjoy the presentation.

I am hoping the 5 SF homes and 6plex are bought by people with the intention of making them look presentable.

I went to a presentation at a local real estate club and the option that seems best to me is to use a hard money lender but I have a little issue in that the lender who gave the presentation said that to get pre-qualified most all lenders require the last 2 years W-2 and tax returns.

The plan would be to live there 5 years, create as much equity as possible, then hold on to the property long term, or sell if the right opportunity would present itself.Given that I HAVE NEVER OWNED or PURCHASED any Real Estate in my life, am I being an idiot for even trying to do this?

That assumes you are in the area and can serve the 3-day quit or pay notice yourself, show up at court on the appointed day, and you, as the owner or property manager, must be present at the scheduled sheriff lockout.In August I paid an eviction service $595 to do all of it and never set foot on the property until they tenants were ready to leave.  

The insurance shows being paid, but so did the water until notice from city.The present hoa company submitted a 30 day termination.  

I already feel comfortable with presenting the deal analysis reports but would like to have a PPM statement as to risks to attach to those.  

I am in a position to move quickly if the right opportunity presents itself.

So finally got the detailed bid from contractor...Sending it off along with all that is needed...CMA, Repair Bid, Power Point presentation,  Deal breakdown...ANY TIPS????