There are opportunities in any community when you understand the demographic trends and other physical constraints (infrastructure, water, commute times, etc).2.

Water lines on the walls show at one point 3'.

I found a vacant property with fire damage.

Renters had rigged up some wiring to light the basement, and tapped into plumbing for water, but this is all very basic and can be capped off, I know an extremely good electrician.

The building needs basically everything- the roof has fallen in and that has caused significant damage to everything, so we need to gut it and rebuild it.

No idea if this will damage the value (sales would not be as brand new property) or if you can restructure your share of the deal so you take title to specific units without a taxable event.

It will not cost all that much compared to the damage done if you get this wrong.You also might find that selling and taking the cash to invest in a different market provides better returns.

So they have slightly damaged (not fatal) credit, and say 2-3% they can put down as an option.They still need a roof over their head and they can work towards ownership.

Sounds like you've already dipped your toe in the water.

You may not have noticed yet because maybe you're managing it yourself (earning the property management fee of about $75/month) and doing maintenance yourself and avoiding (so far) big sporadic expenses like paying for a new roof or fixing the damage after an eviction.If you refi to 30 years on the $58K, you could get the payment down to about $385, making it only a little worse than break even.