Replacing roof, HVAC, water heaters, etc. can certainly change the math quickly on a $100k property.That said, if its currently rented you can assume the plumbing and electrical systems are at least functional.  

I'd look at properties that would work well for "entire space" listings - close to sites and attractions, safe area, bars/restaurants nearby, etc.I expect once our AirBNB listing becomes more seasoned, we'll be clearing our mortgage by well over $1,000/mth - providing more cash to fund future real estate deals.

This will go a long way in getting a bid quickly.  

So I borrowed money from family to buy an MF  for investment and quickly after that my family decided they wanted their money out.

But in general a 24' clear masonry building in good shape for its age and ability to add value through reverting to multi-tenant would be attractive to me and so long as your comfortable with the tenants credit, your return and ability to release it in 6 years if needed then go for it. 

We're worried about the tenants it might attract.

So now there is full blown litigation, TWO attorneys charging and quickly the whole thing goes belly up. 

Plus, I think I can fill the vacancy quickly, leasing it to one of the other interested parties. 

It can be done by experienced investors with a solid track record that will attract other investors to them.

Hi @Charlie MacPherson Thank you for the quick and helpful response, I will be sure to ask about the septic and to reach out to Ann about the lending.