Snow - I’m going to be the contrarian of this thread and say you should first get experience with acquiring a property.

Did you acquire it?

From what I'm putting together, once the banks acquires the property they take 6-7 months to clean it out and put it up for sale at market value regardless of property condition.

Randy - our group specializes in acquiring and operating student apartments.

I have acquired 5 rentals all with great ratios along with flipping 3 in the last 4 years.

Trying to clarify what I’ll need to acquire to reach that goal ultimately, then to get to know people who have ‘made it’ there and can help me see holes and blind spots so I can smart about it.

@Jared BakerMake sure you do your due diligence on the 8 unit but if you are able to acquire it with a minimal down payment and owner financing, it could be a deal.

-I partner on most deals and take only a 9% GC fee which 4.5% is deferred until project close out -we are partnered with architects (both HOU/ATX markets) and have a design team so most of our equity partners are silent on the deal (unless they would like input on everything) since our team has a combined 45+ year experience acquiring, designing, marketing, and selling spec/design build homes. 

Purchase price: $425,000 Cash invested: $85,000 https://www.alexanderresidential.com/808-theresaLot acquired and developed mid 2019- not listed yet but 4/1/2020 completion.

However if this is even feasible, that would mean I could then use my HELOC rather quickly again to go out and acquire another rental property.