He is a fair but tough landlord, and has taken a horrible complex and turned it around to a wonderful one, simply by putting rules in place and enforcing those rules.I like @Seth Nadreau's advice to talk to them all.

I spoke with an investor friend who foreclosed on his own unit in that complex when the crash happened.

The only solution like this that works requires the MLO/Originator also be the owner and servicer of the loan throughout the process.There is a highly complex legal structure that must be set up for this to work correctly and I am not aware of any company offering this service to anyone doing less than 100 loans (of at least $25,000 in face value) a year anymore.

I may not have enough money to get into some of the larger apartment complexes where economy of scale starts to take affect. 2.

I am putting 100k down on a 12 unit (20%). After this I know I cannot leverage that with a bank but what kind of terms do you believe I could get with a private investor if I essentially would like to repeat the same ...

Short sales are complex and typically drawn out time wise.

@Garrett AmundsonI bought it for 35,500 and units this same size in this complex are listed between 90k to 105k.

Hey BP, I need some guidance on first steps for the following scenario:There are several small, old single-family homes located in a great location for a moderate-size apartment complex.

In a couple years this will be a very sought for area(if it’s not already) that developers are planning to build a complex worth of restaurants, shopping centers, a hotel and more.

With that said, I think the main reason is the fire damage.Since this would be my first flip, I am not sure if undertaking such a complex project if the right path for me.