I feel like a have a solid foundation of knowledge, but I know for sure that I'm not 100% know it all yet.

. ** We ask for T24/T36** Income: 1) Rent growth - flat for next 3 yrs and inflation for next 3 yrs 2) Any other misc income increase by 2% aka inflation Operating expense (Big ticket items - Lets assumes its a C property)1) Tax - 85% of purchase price and then 3% - Texas is a non disclosure state 2) Insurance (General Liability and/or flood) (example: Flood insurance in Alvin area is ~20K for 40 Unit complex on top of general liability) 3) Make ready (assume 10 units per year based on 90 unit )~10% vacancy 4) Run and Maintain - based on how much capex you will be spending 5) Management fee (6% for your size) may be a bit lower but for now keep it a bit higher 6) Utilities 7) Professional service (attorney/CPA/Lawn/etc etc) 8) Marketing fee Capex:1) Whatever you think is needed (Check roof, water/sewer line/heating aka boiler/HVAC system/Foundation)

Personally, as long as the foundation is in good condition and the property overall is in good standing, age doesn't matter. 

I bought a 3 story apartment building without knowing about the foundation issues.

@Patrick Fermo Here are some of the books I would recommend if you want to get into multi family investing:ABCs of Real Estate Investing By Ken McElroy (great for learning about apartment investing)The Book On Managing Rental Properties by Brandon Turner (great for learning the managing of the day to day)Rich Dad Poor Dad by Robert Kiyosaki (this will get your mindset right)What Ever Investor Needs to Know About Cash Flow by Frank Gallinelli (great for learning how to run the numbers on properties)There are many more books that people will chime in with, but those will give you a solid foundation as you get started.

The assessed value of the property is $130,000, although there are foundation issues with the home and I believe I could pick it up for between $80,000 to $90,000 (contingent upon foundation inspection and repair estimate, of course - a previous quote put the cost of foundation repair at $20,000).

Find someone qualified to look at this type of home and don't cheap out; a good inspection can save you a ton up-front and over time.Also pay close attention to the foundation (assuming it's a rubble/stone/brink foundation) to ensure that its straight, not bowing or seeping water. 

This would be my first deal ever and I'm hoping it will lay the foundation for me to be able to start marketing more and acquiring more investment properties.These numbers are extremely conservative in general and the ARV is without putting any money into kitchens and bathrooms which will probably need work down the line, but as rentals I don't see a need as they are in good enough shape. 

This would be my first deal ever and I'm hoping it will lay the foundation for me to be able to start marketing more and acquiring more investment properties.These numbers are extremely conservative in general and the ARV is without putting any money into kitchens and bathrooms which will probably need work down the line, but as rentals I don't see a need as they are in good enough shape.

Other QI's can be found at 1031.org - website for the Federation of Exchange Accommodators.