If so, ask them for a line of credit for the amount that you planned to utilize.

@Todd Hays Realize what utilities the landlord is responsible for each month and what each tenant is responsible for monthly as well.Would also check out neighboring apartments and see what the condition of this one compared to the others are along with comparing the rental rates.

And Pascoag (in Burrillville) even has its own utility company (!).

Look into the cost of sub-metering if the utilities aren't already directly paid by Tenants.

The only catch is the HOA is $260 a month plus $65 hazard insurance plus $200 cap for utilities water and lights, internet comes in HOA dues.

I will give them the last 30 days rent free and the rent covers all the expenses and utilities. 

Also, can you pass utilities to tenants?

This would be a ROI of 28% utilizing financing.

Buy or inherit and hold all their lives while working the properties for income.I've seen teachers, firemen, software engineers and all sorts of people utilize both strategies successfully. 

The key with land is zoning, utilities and access.