Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

Are plan is to flip until we have the gain additional capital to increase our buy and hold portfolio.

In addition, you will need to collect sales tax/occupancy tax, if you do not and get caught, you'll be responsible for the tax. 

in scenario 3 you can pay tax or do 1031 exchange if you wanted to purchase additional property with the funds.Don't forget you'll be paying 25% depreciation recapture if you sell, regardless of how & when.I hope that helps.Good luck,Joe

What information do I need to gather from the agent / seller, and what additional due diligence do I need to do when evaluating this property versus when we evaluate SFR & Duplex?

I'm gearing up to make my first purchase and I think that my best move right will be to find a 2-3 bed room single family that I can live in personally and rent out the additional rooms.

The two most popular options seem to be using 15% downpayment if buying a duplex or by using an FHA loan that requires 3.5% downpayment plus additional fees depending on the total loan amount.  

Additionally, you have some marketing dollars to ramp up sooner.

I am currently witnessing the latter with my friend's addition(over 2yrs in the making). 

Newspaper ads have gone out of style for the most part.