That gives them time to find a place. 

I'm new to the real estate profession and looking to observe, learn, and get to work.

@Noah Bussanich:On structure, something like the Best Ever Real Estate Syndication book by Joe Fairless will help outline some of the basics.Kim Lisa Taylor on these forums owns a law firm that specializes in syndications, and offers a free book, a free consultation.But the term "how to structure" can mean a lot of things.  

How Do You Identify the Best Real Estate Investment Opportunities for Private Money Lending?

After two decades in real estate investing, I'll give you the unvarnished truth about building wealth through property.First, forget the TV hype about overnight riches.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

I am in the Houston area and while I'm not new to real estate in general, I am brand new to investing.

My only backup plan if I can't get verified funds is to assume the worst and to drop my counter offer even lower than my original due to the risk I would be taking on, and then when I do my in person inspection try and guess what rents are fair market for the empty units, and ask as many tenants as I can what they pay in rents monthly.Seller should give you all of his bank statements for the time he owned it, plus the operating financial documents (including rent rolls)that he received when he bought.Then find an apartment broker in the area and find out about rents in the building and in the immediate area.

Very helpful as choosing can be difficult in the class that I am in(as a first-time landlord). 

First time poster and first time House Hacker.