When done right, apartments can produce passive income for generations and mind boggling returns, without the risks of other investments. 2) Buying Too Small - Anything under 16 units will not produce enough free cash flow to warrant doing the deal. 2 units, 4 units, 6 units, and 8 units are not enough scale to make sense of the deal, unless you are buying to merely flip the property, but now you are speculating not investing.3) Single-Family Home Rentals - This is an issue because you are dependent upon one tenant.

For example if you can purchase and rehab all in for 200K and the 4 units generates 4k per month. 

Investing in a state with no tax means just that- you pay no tax on your income generated in that state. 

Knowing what you know about the property, would you buy it from a random seller for 27k? 

I recently laid out a 5 year plan for us to achieve a $6k/mo cash flow from 12 properties that each generate a $500/mo cash flow at which point she can retire and she’s very on board with that! 

However, that is of course a question your market needs to answer for you, not some random opinion from the internet - he he.If you are going to pony up for a new floor and pulling the plywood is part of that, one option there is to go old-school classic mixed with modern technology.

We wanted to start a lead generation process as well, whether that be through mailers, skip tracing, etc. 

I randomly stopped by Barnes and Noble the other day and found Josh and Brandon's book, "How to Invest in Real Estate".

OSHA can perform a random walk down of a residential home but they often will not.

@Fred TracyBy rereading your post I am not sure that I answered your question correctly.My answer assumed that each property was in a different series of the same LLC (three different legal entities)If all three properties are in the same series of the LLC you can use the money generated by one property to pay expenses from the others as they all are owned by the same entity.