I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel!

With the cost of homes in SD, I don’t think we’ll ever have remaining entitlement.

I am new to the community, working on acquiring my first small multi family property, likely through syndication depending on the scale of the property and associated costs.

Market fluctuations, maintenance costs, and the complexities of managing tenants are aspects that require careful consideration and planning.

I’ve got a contractor for that who then looks over the report and tells me what it’s going to cost to repair the things that I deem necessary.

I would recommend networking with both your community and even your local competition. 

You can also bill them for the additional costs for leasing agent, listing, etc if you have any of those. 

I also have the ability to take a $50k loan that would cover my closing costs.

The payout on these loans buts contracts at a tricky place having to absorb some of the initial costs while waiting for the drawls to occur.

Also - presuming you paid more for the property than was owed on the mortgage due to competition on the auction (several presumptions there) - the previous owners are entitled to those excess funds from the court - which gives them a resource to be able to afford our rental rates.