NNN lease is the only type I would do on a 5/10 year commercial lease. 

Closed on a 55-Unit Apartment Complex!

Based on the 1% rule, this doesn’t seem to make sense.However, the city and area we live in retain property value because of the schools, community, and location.

A few thoughts on this... 

.: You could advertise the position among your tenants.

I used a HELOC on my primary residence to purchase a long term rental investment property.

A tenant moved in on the 25th, so I prorated their first month's rent.

So outsourcing some degree of property mgmt would be a must... but the deal won't work paying a local property manager a large % of my revenue...Instead, I would set up my "boots on the ground" (cleaners, handyman), and would need an offshore virtual assistant to manage guests and coordination of my local team. 

The windows, roof, electricals, plumbing systems, and gas lines all need major upgrade to bring the property up to date. 

The latter will typically cost you more, as there are two sets of closing costs and the front side will pass their cost on to you, so you pay twice essentially.