I know this industry can be a slow moving ball and you just need to build momentum everyday.

Now that whole ball is rolling you will need to set your sights on how you will acquire this property in 5 years.

I'd echo the chat with the new occupants, qualify and get a lease.Aside from that, I would contact an attorney asap. 1) to educate yourself on local laws and 2) to get the ball rolling as early as possible if things goes the wrong way.As a point of reference, my state is tenant friendly and if landlords don't follow procedures to a T, the eviction can be delayed and quite costly.

Nobody has a crystal ball, and nobody can gauge your risk tolerance better than you.With that being said, my 2 cents is that if you can buy a property right now in a strong location, with a growing local economy, and one that cash flows for you, then do it.

BIG QUESTIONBest way to tap into this new equity so we can try and start to get some kid of a ball rolling. decided to go get a long term renter 1 year agreement (almost covers whole mortgage.).

https://reflipper.net/how-to-b...All the best!

(ball pass rule) to make sure a child does not open it and fall out.

It comes from the hard work of the renters, as well as from the hard work of the American Taxpayers who pay the percentage of rent for Section-8.Now if Freida decides to get a bank loan against the 4-plex, she will have to share a percentage of the cash flow with the bank in return for a "Ball of Cash" right now.That "Ball of Cash" will reduce her Equity in the Apartments by some percentage, but over time as the apartments become more valuable (as they usually do) and the loan pays down her Equity percentage will become greater.And to this very day, every time Freida sees a Clay Pot, she breaks down in tears.

As @Jordan Moorheaddan Moorhead touched on, the focus is on components, because in 80+yr age homes it is 2 separate items, the components and the structure. 99.9% of the time these homes have had major renovations, I would say 100% but there may be an odd ball multi-decades abandoned place without such, so 99.9.

The only roadblock I see now is whether or not Section 8 will play ball...which I guess brings us back to your original question.