On a multi-family unit, if you have to have 100% vacancy for an entire year, you need to be employing your exit strategy unless you have certainty that it is only a temporary situation - i.e. you took the building offline to do a major renovation of all units. 

:>)What's the ARV of the property after you renovate it?

They purchased the property back in late 2013 for $245,000 and have put about $100,000 in renovations, so the property is basically turnkey. 

What is your strategic plan to manage acquisition and renovation.

Something else that has amazed me is all the custom building and home renovations from Highland to 240 through the White Station / Walnut Grove corridor.  

It is in an up and coming neighborhood that upon completion of renovations would garner good rent.  

The lender did not tell us that the contractor used for this renovation loan had to be approved before closing (we've never done a reno loan before, now we know...) and we were working with Fannie Mae, whose asset manager was very strict about closing date.

Once we had the property, however, it was easier to go get two other private money loans from friends and family that funded a renovation and attracted a new tenant.

We have done some renovations and hope to get a good ROI. 

I purchased a old house about 8 years ago with the intent to renovate and sell within 5 years.