I think there is room to boost the rents to at least $6700/mo ($750 per unit) if it's in good shape.Here's how I did my #'s595k asking (assuming the worst)10% down$2850 mortgage.

You're right dan, currently the units are 86% occupied, however after looking at the rent roll, it's apparent that some of the units were recently rented, most likely to boost those figures.I'm still going to do my digging and research before doing anything.

If so, what would you study to help boost your career?

We are at advantage but we need a boost to kick the first one.

If the original loan is garbage then I would refi it to the longest term possible to boost cashflow and then do the HELOC.

Moral of the story, there are justifications for selling a defaulted note for 100% of the balance.  

Moral of the story, start the eviction process.

(Of course, this same phenomenon boosted SFRs too.)The key factor is to buy the property right.  

( HEAT OFF 5 MONTH A YEAR, HEAT CAPS OFF AT 70 DEGREES IN MOST UNITS ) MAINTENANCE / MANAGEMENT = $450 PROPERTY INSURANCE FOR $775,000 = $600 EST TOTAL EXPENSES = $3,850 [ ONCE CONVERTED TO ELECTRIC HEAT WE WILL SAVE OVER $1,000/MOS ( THIS UPGRADE WILL COST ABOUT $30K ) $3,850 - $1,100 = $2,750 TOTAL EXPENSES ] BELOW IS A SCENARIO HE HAS FOR BOOSTING VALUE OF PROP, but he does not take into account that he will lose quite a few tenant's.

It will take 2 years of tax returns before the bank will let you use the rental proceeds to boost your yearly income.