We renewed leases with the 6 remaining residents (4 still live in the building today). 6 months later we had turned every apartment, leased them all, and had the building stabilized. 5 years later we had paid down the land contract a lot, got an appraisal for $1,800,000 and did a large cash out refinance allowing us to purchase 4 additional apartment buildings.

Then there is financing, inspecting, tie downs, how to get rid of DMV title.... lots and lots and lots to know. 

It also states that if one roommate wants to leave:  (1)  remaining roommate must re-qualify on his or her own or (2) a new roommate must qualify before the old roommate is released from the lease.  

Prices have remained strong, and properties aren't staying on the market long.

As stated above, the IRR measures the internal investment amount remaining in an investment for each period it’s invested.

If their quality and cost remains competitive, you will continue bringing them constant work.

So the one question I had remaining was the Capital Expenditure question.-  Some of the larger maintenance costs that capEx covers such as: are driveway, siding, and roofing/shingles is covered by my HOA. 

Yes, employment rates are improving and things appear to be normalizing but the eviction moratorium is still in effect and the fed has said rates will remain low for at least a year (why?

Tying up your capital for 10 years just to get the same rate of return that you could get in an index fund does not seem like a smart decision, given the increased risk of a project like this as a new investor. 

A landlord, however, isn’t able to just sit back and do nothing while collecting rent from him for the remaining months of the lease.Generally, the law requires landlords to “mitigate their damages” and make a reasonable effort to re-rent the unit to another qualified tenant.