Buy your profit by changing the purchase price, not by changing what you think it will appraise for.refinance - the best advice I can give is to talk to your lender before you purchase.

You're starting off in the red, your only option to be the least in the red is to raise rents as much as possible as fast as possible.Using your numbers and some other assumptions such as starting at 900/mo rent I get a 7.24% IRR.  

That's why I discount Amazon resellers as legit businesses and why I focus on repositioning Multi-Family Home (MFH) apartments, because it changes the lives of the tenants that live there by transforming a community.There are 8 money mindsets Savings Mindset – Are you pre-programmed to save money?

Timing, pricing and location will be the biggest factors in getting your apartment rented and unfortunately now you can't change two of those.

With 40,000 down assuming 35k and 5k closing thats a good amount of money to be hoping for less then 2k a year in passive income (assuming rental market stays the same and does not increase to the 2350/month)this changes on financing and your idea with the property, just my opinionGreg 

Would owner carry terms if available change your thoughts? 

We have been finding our own deals and calling etc so I think we will be changing our strategy to make sure we aren't overpaying for our realtor fees.

The plan is buy and hold and to re-invest all earnings to buy bigger and more properties. 1031 and cash out refi are two strategies I plan to employ, but I'm not sure how using an SDIRA would change that... if at all.

Not me personally.  17k in draws, so not exactly chump change; but personally can't imagine fronting that kind of money without better control.  

I would not change them over and would keep them on M2M permanently.