Existing rate/terms?  

Minimum 20% DOWN, Accept SELLER'S EXISTING LOAN TERMS WITH AN ALL INCLUSIVE DEED OF TRUST.

You do not need to record the survey.. just have him locate existing pins.. then eyeball it for yourself.You can also ask for an Alta title insurance policy and that will ensure you for enchroachments etc.

there are little quarks as well, that only a trained eye may see, the process is easy if you are in a subdivision with 200 relatively equal homes, it a bit more tricky and subjective in rural America, where comps my be fare apart, and no similar sales exist for 12 months ore more, then your gut has to know. its 1 part science, 1 part math, and 2 parts Market Knowledge 

Create a list of questions that will determine with the existing clients  if the company is meeting expectations of their client base.  

Help find a replacement tenant or allow the existing tenant to break lease and move out.

Both buildings, under existing rents are around a 10 GRM. 

Obviously, you can't discriminate when renting, but you need to consider whether the prospective tenant will be good for the building, or cause problems with the existing tenants.So, yes you can start with a multifamily property, but start small and learn the business and learn about yourself in the process; but above all, make sure your significant other is on board!

If you're knocking it down and building up on the existing foundation, you may be grandfathered in on some items.

I'd love to be able to buy a plot of land and simply custom-build something from the ground-up if it's going to be a similar price as buying an existing MFH that I'm not 100% in love with.