If so, you can count on your "economic vacancy" being a lot higher than what you are projecting due to non-paying tenants, plus higher and more frequent turnover costs.We would really need more information that what you provided. 

Smoking was not prohibited, in fact when we specifically asked if there were smoking/non-smoking units, we were told they had no non-smoking units. 

If you want to attract good tenants, you want:- clean, safe housing in a safe neigborhood;- basic amenities that people have come to view as standard;- priced at an attractive rate.That's really about it.

Third and this is just some advise I provide my Chicago clients, consider taking a half months non-refundable administrative fee instead of charging a security deposit. 

Are you able to get 4.25% on a 30 year note for non-owner occupied?

Property is a foreclosure and is currently vacant, but doesn't need much to get it rent ready, paint and a good cleaning(I was surprised). 

I previously worked for a non-profit developer and the developer's you want to work with will not only be established, but have experience working with various tools and funding sources particular to non-profit organizations.

@Jimmy ReadyYou can contribute up to $5,500 to an IRA per year and this is an addition to being able to contribute to your employer 401k plan. https://www.irs.gov/retirement-plans/plan-particip...When an IRA invests in real estate and the IRA does not have enough funds to fully purchased the property, the IRA can obtain a non-recourse loan.

@Phil Glantz We’re you purchasing non-performing notes such as debt purchases from creditors, or actual performing notes such as that of a business to business receivable?

Another fear of mine is that he knows there are too many non related people living in the house at one time and the decrease the number of occupants after I have made the deal will drop my ROI and it will have been a poor deal.