So if it's 5 units or more this would be another deal killer.   

That's a killer deal for that area!

This area in the past had been a killer rental area, but now people could sell and collect on it, or they can continue to know that their property is likely to appreciate at a higher rate relative to last years 11.1%.

And I could get a killer bit of land in one of our top suburbs, but an absolute bogus house that costs me millions to fix anyway, Or it actually isn't that bad and I end up with just positives.

That's probably going to be a deal killer since the bank would have difficulty holding them accountable.

I know there were killer deals in these places a couple of years ago, but want to make sure I'm understanding what recent deals are looking like. 

Also the permitting process is a killer .We will be trying it on one unit next month .. there is an enclosed patio option also so looking into that . 

While you're not too likely to find a killer deal on the MLS right now, this person should have all the connections you need to get started. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $135,000

Cash invested: $33,000

Solid block and brick 3 unit, freestanding building. Commercially zoned. All...

Find a killer off market deal, offer it to a local (but reputable) investor, and come in and JV with him.