You also have a risk of an outdated layout.

But there are a lot of factors about how quickly a unit gets rented, location, condition, upgrades, unit layout, etc.The rental market has slowed down. 

So I'd suggest before you jump into opening an LLC to speak with a REI savvy CPA, lay out your current situation and plans and see what he/she will suggest.

So investing out of state has it's own unique challenges.I would suggest really think through this process and lay out a good plan of action at least for the next few months.if you need any further help just PM me.Peter

Depending on the layout, I wonder if there is a company that does inpatient rehabilitation of some type that would be interested.

I've only been looking in the Abilene market for about a year now but in my experience I would agree that the multi-families do sell quickly and because many of them have unconventional layouts, they can be difficult to finance.

Same layout from my understanding...only difference is the water has not been seperated, so because of that, it didn't cashflow with my numbers so wasn't a buy for me, but I would think if you talked them down taking that into account and get those separated, this would be a good property to buy.

They have terrible layout and super hard to update.but yes the rents are amazing

Depending on the layout, you might be able to find a piece of remnant at a local distributor for 25$sqft

The layout of the story was easy to follow.