Condos can work, but it depends on a lot of factors. 

If it is an online auction there is typically about a 5% fee that is paid by the buyer so be sure to factor that into your math.

The first time you consider a rental, fear is a major factor. 

Before I purchase the land, I would like to know my total investment including building, so are there any cost factors I should take into consideration?

Especially developers, rehabbers, the types that take old dilapidated properties and fix them nice.Also bad tenants (gangs, hoarders, the types that party all day and don't keep neighborhood clean stay FOREVER)  This is why the rent controls don't work.

The basic underlying factors of large downpayments and higher borrowing costs by either homepwners or investors never changes.

Do an IRR analysis on the possible scenarios, factoring in the cost of borrowing, and see which generates the highest IRR.Then, assuming your comfortable with any risk associated with that scenario, do that one.

If I repainted I'd be doing it to get the "wow" factor (and fresh-paint smell) of a completely repainted apartment, not because any walls are so bad currently that potential tenants would look at them and run.I no there's no one-size-fits-all answer, but generally speaking, which of these upgrades would deliver the biggest bang for the buck?

You put 25% down so you have a lower business mortgage.Need to factor in first time renovation cost to produce tenants.

LLCs that are thinly capitalized are more likely to be viewed as “shells,” thereby losing their capacity to shield the members from liability.or fails to maintain a separate identity from its owners ( using the business bank account for business purchases, maintaining separate books)Conversion of entities Assets for Personal Benefit:Another factor that poses a risk of piercing the corporate veil is the draining of entities assets (such as payments of large salaries to shareholder-employees) that leaves the entity with inadequate resources to pay its debts.Do not commingle personal and LLC assets.Maintain a separate LLC bank account.Execute an operating agreement.Follow the provisions of an operating agreement.Have LLC member meetings according to the operating agreement.Title property in the name of the LLC.Maintain insurance on LLC property in the LLC's name.Sign all LLC documents in the LLC's name, not the members' names.b.