The construction should be of more consistent quality given it is repeatably produced in a controlled factory environment.

We have 8 available slots for tenant names, but the building can have approx 16-18 tenants when full.

It's mind boggling how many of the old producers who have been doing this for 30+ years know little to nothing about what they're selling, loan docs, insurance, etc. 

Betting on market appreciation to produce a satisfactory return isn't going to build financial freedom for you. 

Eamonn, doing a cash out refi and buying more income producing rental properties is what I've decided to do.

If you follow those recommendations and execute your plan for the property, your concerns over "red tape" for a rehab will be a small obstacle when you realize you have acquired an income producing asset that you can own indefinitely.  

I would recommend buying $500K of income producing real estate and use the income to purchase a primary residence.

I buy property that produces $350 to $400 a month net.

Luckily I was right and she never produced anything needed to rent the home and because I didn't waste time, I had the house occupied the day after it was vacant and cleared.

It seems for most on here a FHA duplex most likely won’t produce cash flow first year but what is the least that is acceptable as far as out of pocket payment?