I went to the building and saw where they can get into the building but not necessarily the vents.

Start small... maybe the 1-4 unit building, and then look for the next one.  

I and other investors have bought 10+ unit building or packages that are in disrepair, run by landlords with no funds or inclination to rehab them and as a result were rented at very low rates to tenants who wouldn’t complain about all the problems.

I like it vs doing an older building where you're spot fixing problems and are hoping nothing to signicant is hiding in walls. 

Example: once I had a neighbor that was continually blocking the driveway of my rental property with his truck, as the driveways were conjoined.

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

Good morning all,I’m a vet and current firefighter looking to build financial freedom.

My goal is to at least have positive cash flow while I build equity in the investment property.Has anyone successfully purchased a buy & hold with this strategy?

I self-managed and learned to build the houses with my Handyman.  

. - When building codes are updated, it is often uneconomical for all buildings to be upgraded to meet new codes.