I would start the process now on seeing if you can assume the loan, it should be similar to getting approved for a loan and take 30-60 days.

Since you can't count the income toward a loan, I think their value will be on par with normal sq footage. 3.

If you install a new one now it will give you some time to get any problems out of the installation.

People still want to live in these areas but it may not be easy for them to qualify for a mortgage or the banks may not want the particular property on their books because of peeling paint, loan amount, etc.

  - Any insights on the types of loans I should be exploring?

I am looking for some tips on building capital for an FHA loan, as well as some tips on networking with other investors and to possibly find a mentor.

Getting mattresses, couches and other large items picked up is expensive.If you caulked holes from the tv installation, it sounds like the patches were done incorrectly and will need to be redone.

We learned early on that:-3 of the 6 buildings are in a flood zone-the current owner has a loan, this lender doesn't require flood insurance-1 building took on a little water at one point during the 12 years the seller has owned the complex. 

Hard money loan to acquire and rehab, then refinance into a DSCR loan! 

If you are scared of losing everything and that everything is the 16k entry plus closing costs, it's not worth it on subject-to which has to be done correct and requires a lot of management to make sure their loan does not get called.