With 2 additional partners, it would need to be spelled out in the beginning as to how the breakout on sale would be and who would cover what when additional items are needed.For me, I wouldn't go after it. 

Want to sell it and buy other house with traditional financing.

Scott,There are several items that you need to think about; common area cleaning, common area utilities (electrical at least), laundry room upkeep, fire alarm servicing and possibly monitoring, etc.

I take a 30 year window, and take the three major capex items... roof, HVAC, and Water heater, and add their costs together.

Without the borrower willing to participate in a short sale, you have No chance of getting a reduced pay off, assuming this is a traditional lender/mtg.

Yes, it is my first full gut student rental, but I have been doing large scale renovations on traditional rentals for the past 6 years.

For a flip property, you're going to want to find a hard money lender or private money partner since traditional banks shy away from loans for such properties.

Please correct me if I am missing some line items here, but here are the working numbers for the property:+ Gross Rental Income: $150,000- Cleaning Fees: ($21,600)- Management Fees:  ($19,260)- Property Taxes: ($3,700)- Insurance: ($2,400)- Trash & Local Tax: ($650)- Utilities: ($7,200)- Pest Control ($560)- Supplies/Maintenance: ($1200)- Acct/Legal: ($1500)TOTAL EXPENSES = ($58,070)Net Operating Income = $91,930---Based on my limited understanding of the local CAP rates for similar properties in Philadelphia, PA 19106 it looks like 5-6% is a realistic number. 

Stevie, to clarify my first paragraph above, you have two families of retirement accounts....traditional or Roth. 

if you purchase with an unsecured Line of Credit it will cause some challenges with a traditional refinance.