@Yusuke Koike if damage was that extensive where the unit is not habitable, check your state/local landlord tenant laws as some just require you let them out of lease, return deposit and refund rent for any time they’ve paid that they can’t live there.

However, this would require you to illegally possess the home for 21 years, then try to lay claim to it.Your best option is to speak with an attorney to see if there are any other options.

I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this.

I would do 5% (ish) increases year over year until I got to the desired rate. 

I still plan on paying the monthly HOA required payment but I am not intending to pay thousands I had no decision-making power on.

Also, my tax bill was super high this year since my property didn't really require any maintenance last year, and this would be a beneficial write-off as it would buy back time and ensure a quality property.

@Riley Yourdon make sure you put in your purchase contract that you will get the leases and rent ledgers BEFORE closing so you can review them.At closing you'll want to require that you get the tenant names, phone & email.There is this thing called fraud when it comes to leases & ledgers, so discuss reps & warranties with your agent.

The good lenders will require that you have experience not just in real estate, but in apartments and likely in the market you want to operate in.  

They have a minimum revenue requirement. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?