Besides the rent and the costs normally associated with move out (cleaning, paint, etc.) the tenants are also responsible for marketing costs (which are basically zero as I do all the work myself and do not pay to advertise) and commissions that have already been paid, but these again are usually very minimal fees that are not really making any of my tenants think twice about leaving early. 

These surrounding apartment complexes are relatively new and quite expensive.I was wondering if anyone has experience in buying a condo association and turning it back into an apartment complex or even cleaning it up.

I have always listed a rental after someone moves and I can clean up etc. 

5) I understand that the main risks are that the title may not be clean, back taxes may be owed, tenant might not want to leave. 

I would network regularly and learn the market as well as I could.

These surrounding apartment complexes are relatively new and quite expensive.I was wondering if anyone has experience in buying a condo association and turning it back into an apartment complex or even cleaning it up.

I know this can appear "below the line" but on a 41 unit project you will have real, major costs down the road that you should be prepared for on top of your regular OpEx.

We both also work a regular 9-5 job.

I may even use it as a vacation home later on when I fully retire.These properties are dirt cheap, many under 100k for a nice, clean 2 BR/2BA on a spacious lot, some even with a little acreage.

Or buying some of these lots with around a $250 investment then cleaning it up/tearing down whats there and reselling the property.What are your thoughts on this process to get started.