Instead, ready "Richest Man in Babylon" and "How I Turned $1,000 into a Million in Real Estate in My Spare Time" (the original version by William Nickerson), and begin putting together a definite conservative plan to build a real estate investment business with low risk of having to declare bankruptcy.  

Just like most businesses, everyone and their brother wants to do VR PM now, including venture capital backed companies charging as low as 10%.

Seems like I'd have to get the property at a low enough price so that god forbid the seller has to foreclose there would be room for the fc proceeds would cover the seller and then my partner right?

There are two oil tanks in the building, each heating two of the apartments.

It looks like there might be low to medium pest.

After a few months of looking I've got my first deal in the works. Unfortunately its 1 1/2 hours away, but its 100k less than similar properties here in the Mesa/Phx area. I figure I can manage it in the beginning and...

The great majority of our community owner clients are using related finance companies as a tool to buy low occupancy communities and fill and modernize them thus making major changes in the values of the communities they acquire.I wonder how he intends to do it? 

I make an entry for the lowes bill, not for every blind and board I buy. 

It seems like the your interest rate is low.

That being said, you make a great point that the costs may not be as low as we believe them to be.