I don't care how good your CF is, you are not going to drive the IRR strictly on CF - Bob knows this, and this is what I think his argument is.Now - with this being so, in the apartment space appreciation is a function of value-add.

I've got 2 duplexes there now and soon a little bit of cash coming in (sale of another house)...I'm looking to see if I can get a deal (I've read you said it was tight up there) that might need a little work.Chris

I'll keep following this space for more updates. 

I now need to advertise a commercial space for lease and don't know of any better ways to advertise. 

You own the living space inside the condo.

The reason being that 5+ units require commercial financing and thus the competition level is lower and buyers are more sophisticated in that space.

For instance, if I was able to wrap up a property in the Southeast part of Dallas, I'm not interested in a buy & hold there, and that area isn't a great flip space.  

Is it possible to rent out any of the space while living in it?

Welcome to the world of Real Estate Investing and the many opportunities available to you.You made the first step in connecting on the largest social network specifically for the Real Estate Investing industry.Take the time to explore all the resources available to you.Networking is how to succeed in this space and as such I wanted to give you an open invitation to feel free to reach out to me at any time.I am located in the Northern Nevada market and doing buy and hold, wholesale and fix and flips… Best of luck with your Real Estate Investing Career.

Here are the numbers:ExpensesVacancy (5%)-$105.00Cap Ex (8%)-$168.00Water (Based on living in the area)-$50.00Management (Will self manage, but still included)-$168.00Property Taxes (estimated from 2015)-$250.00Repairs (8%)-$168.00Electricity (Based on living in the area)-$200.00Insurance (Overestimated based on first duplex)-$150.00Principal and Interest (4% on 114k)-$544.25Total-$1,803.25Income (Based on area)Unit #1: 2 bed 1 bath$800Unit #2: 2 bed 1 bath$550.00Unit #3: 1 bed 1 bath$450.00Unit #4: 1 bed 1 bath$450.00Garage (2 spaces)$100.00Total$2,400.00My plan is to offer a low-ball cash amount and then refinance after some repairs are done.