@Travis Reed the house getting trashed and parties is pretty much a guarantee for most college rentals--it's the nature of the beast.

Those who spread nonsense and insist on the correctness of their nonsense have created the mentality that wholesalers are stupid, they are full of nonsense, wholesale should be illegal and ...I hope that all the wholesale partners will achieve this way of thinking, even if a few months have passed without a deal and money, so that they do not start delivering nonsense and disturbing the nature of this work.

For me it was about $5k to repair framing and termite treatement was <$1000.Naturally, any termite house is going to be different.

It's just the nature of the beast.

Was considering either putting in a new natural gas furnace & A/C unit, or just installing an A/C unit on the existing forced air oil furnace.

In the case of larger apartment buildings you have not only economies of scale in terms of operating costs but also the cost to acquire per rentable unit is decreased.Example would be:$50,000 per unit of 2bd 1ba for 4 units - fourplex - $200,000 sales price50 units of 2bd/1ba could be $40,000 per unit cost = $ 2,000,000 sales priceSo now you've got 12.5 times the amount of units for only 10 times the price so you have more rents to cover your overhead and a higher chance to make a higher net operating income(NOI).Then again not all things are equal in every market and this is why the question is such so broad because in some markets you may get more rent for 2 bd 1ba condos but rent applied to larger apartment buildings may be less due to the crammed nature of your living quarters and other factors.

My GC claims this is plenty of power since hot water and furnace both run on natural gas.

I do not know the specifics of what the lender credit was, as we did this all over the phone, I just know that the numbers we ran didn't account for a seller credit, which I plan to incorporate into my offer to reduce cash at close.

There must be plans out there to incorporate french doors (for light into the living area) and thereby double my beds.  

I think geographical diversification is very prudent for the very reasons stated by @Marco Santarelli .Another reason: natural disasters (which seem to be more frequent nowadays).