In my limited experience the better tenants don’t wait til right before they need to move to look, they look and want to secure a place to live a month or so out, or at least a few weeks out.

To add on to the last post, also make sure the seller brings (or credits) you with the security deposit(s) and any pro-rated rent for the current month that you close.Regarding lead, I'm not sure about your state, but in MD, rentals must have lead certificates.

If you really don't want to live in the house hack, I think that it's more likely that you could take ownership of a small multi-family property by securing owner financing and avoiding the FHA loan process completely.

Just because that’s what it is performing at does not mean you have to purchase it at that rate.  

I should add that I'm looking for deals where I can be all-in at no more than 70% ARV.This way I'm able to refinance my initial capital back out once it's fully rehabbed/rented.Which markets have inventory of distressed/undervalued/under-performing multifamily assets?

Especially since this is not in the best neighborhood you are probably looking at higher than expected costs due to turn over.Also if you go down this road charge High Security Deposit cover your back side because you will be using those funds to make ready the unit when they move out in most cases.

I am not sure but I wouldn't dip into the security deposit until the tenant is out.

I am waiting on my security clearance and working on my Real Estate license.Nice to meet ya'll and add me!

This is when the tenants and in this case current landlord sign to say this is my rent, my security deposit etc.

The problems that arise from not performing necessary maintenance can be much more expensive than a few hundred dollars of maintenance and I personally see it as penny wise pound foolish.