There are some good areas in North Omaha too, but a few blocks can make a big difference.I like the fact that you are jumping in and taking action, I just want to give you a word of caution about due diligence.

What trades are you looking for?

Partnering and mentoring is a huge commitment and I personally don't invest in someone who doesn't demonstrate some sort of serious ambition (with action behind it) or provide some form of value from the start. 

Conclusion....If the neighborhood has other multi's trading at similar or lower cap rates then I would look at buying it but I wouldn't spend $30k to improve the units.

Take massive action!  

Be prepared with your "Adverse Action Notice".  

Real estate related: research and reading and learning is important but it does not equal action.

Congrats on taking action and working towards your financial independence!

Congrats on taking action and working towards your financial independence!

You want to be in control if there's future issues and to avoid a costly Unlawful Detainer action - - you can give a 30-quit and be done with it.I favor a full CR and look at the 30,60,90 lates and the collections - - want ZERO within the last 6 months.