There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

I found an excellent tenant who was more interested in "character" than quality."

the tile holding up has a lot to do with the way the structure is built and the quality and specifically the thickness of your existing sub floor. if your subfloor is less than 1 1/8" thick i would look at options other than tile.

I would be careful using this method.

This question lumps the quality and applicability of all degrees together.

Landlord has very quality products and information.

It relates to amount of inventory in the area, the quality of the specific units, and the general economic climate for that type of property and in that locale.

Repairs and maintenance done piecemeal (and often at "afterhours" overtime rates), and especially low quality repairs that you end up Re-doing in a year, will break you.Or, you take into consideration that when it was new, the property had a design life of 40-50 years, and now, most of that life is used up.

In fact your taxes have covered 210 000 € of the value of the apartment.Usually, these apartment are renovated under the highest quality materials and man work because they are historical and you can rent these apartments for a greater value than normal ones (20-25% more).

You may want to search posts by allcash, he uses this method with the majority of his projects.So is a nutshell, using your own cash is not a bad idea, it is an option that is not for everyone but it could be for you.