I've bought rentals from desperate landlords who told me they were physically sick and couldn't sleep due to the stress of their tenant or money situation.

I setup "bank" accounts for security deposits (physically held) and current liability accounts for the sec. deposits as owed.

YOU BET THERE ARE!

Due to the high costs of HMLs, cash or a WLOC (that's already in place) are your best bet.

As far as this one deal - it closed and if there's anything that basic physics can teach you it's that what works once, can work again.

One of the details of that, in a nutshell, is that if no one is physically living on the land, even if there is something being developed there, anybody can "move-in" and begin living there.

Untill then keep chasing your dreams and remember that I bet every investor on this forum that has done any significant number of investments have had good ones and some that weren't so good, the key is to learn from both, and the only time you truely fail is when you stop trying :mrgreen:

Or like a good friend once said, "Young man, try not to bet so much on the come!".

You've already seen what a 25% vacancy on one unit does to your cash flow, and assuming the houses are similar house/similar market you can almost bet you're looking at rent roll backs in future.Assuming youf FMVs are correct I'd be out of these things so fast it'd make your head swim.

I never bought a multi unit apartment complex but if I was you could sure bet I will be doing more investigating on NOI than just a cap rate or 50% or gross rents.