Fortunately I took a step back, implemented a number of things that would conserve heat and water, and I am far better for it because the old costs were built into the rents.Now, I live in a house whose water is controlled by a utility and I receive monthly bills like electric and stays with the tenant.

You will want to do some research here and make sure that you are comfortable with the (albeit very low) risk of triggering the DOS clause that is in most mortgages. 

There's a high demand for a low inventory of single family fixers.  

Having said that, being that busy means higher commissioned sales are probably higher priority and submitting ridiculous low ball offers could be a negative on them considering experience.

Of course there's the rare unicorn mentioned above.Investing with low and no money down doesn't mean you can't have any money..

Here's the low down:250 Units, Evansville, IN | Class C+/B- AssetAcquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% Equity Raise: ~3.1 Million (our own cash + limited investors as well).Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

Here's the low down:250 Units, Evansville, IN | Class C+/B- AssetAcquisition and Assumption of Existing Debt (35yr Amort at 2.93%) + Mezzanine Note + Equity of about ~23% Equity Raise: ~3.1 Million (our own cash + limited investors as well).Plan: achieve cash on cash returns in the mid teens (going in 8.55%), IRR of 15%+ and 2.25x over a 7 year hold.

Save for 7-8 months and get my 20% down of 10k on it and go to a bank which isn't my favorite option or maybe since I was reading on here that life insurance company's have a very low interest rate and like to invest in multi family buildings that would be another good option.

The reason I lean towards this method is buying at very low cost, fixing/flip, rent out much higher and then cash in equity for the next and so on.

I'm considering replacing it because:* Can be marketed as a new, high efficiency heating system.* Less likely to break down and need repairs* Will cost about $2K to replace - and I think could add much more (I'd imagine $6-10K) to the appraised value.Is it worth it?