Hi friends, So, it's been recommended when looking to buy multi-family in an emerging area to call the Economic Development Committee in that area and ask for their "master plan". 

Another side to consider: if a toilet or shower stops working in a unit with 2 bathrooms, while it is a maintenance priority, it's not an "emergency" like it would be for a 1 bathroom rental.

They usually cover everything except for after hours emergency service, and that way you have a solid budget number to work with.

Current lease tenant has will transfer to you on date of sale.. you will need to honor this lease until it expires..the lease will state that... but you need to know when and how to give notices.. and what your responsibility as a landlord is.. download your state landlord tenant laws.. give your tenant a new contact form for him to fill out and return to you, and schedule a walk thru of the unit within 2 weeks of ownership,, this is now what YOU can set damages on from your date of ownership. so do a condition sheet checklist and give him a copy of that.Provide him your contact information , emergency contact info. and how to pay his rent to you the day you take over.

Think about if a non-emergency maintenance issue arises, would the tenant be ok with you coming on the weekend to fix the problem when it works for you, or insist that you drive over that instant?

They don’t allow their clients to call them or the office on the phone, you’re only allowed to email the management company, not very comforting during emergencies nor efficient during day to day operations.

The 0% down option would leave a substantial emergency, repairs, vacancy, cushion, but 5% down would not.Positives: We like that they are completely separate dwellings.

The kind of tenant who misses rent because of a "family emergency", is the kind of tenant who lives paycheck to paycheck. 

Some couples buy a condominium where emergency expenses are shared by the whole building residents.

Most of them is illiquid - meaning you can't turn them back into cash quickly, so you want to make sure you have enough reserves (or high credit card limit) to deal with emergency.