don't remember) of current tenants must agree to purchase their unit.2) The price will be high, because the landlord is going to factor in the costs of the condo-conversion (it will cost the landlord 100-300k for a smaller building).3) The landlord cannot vacate the building to convert to condos.

A couple of issues that I had not originally factored (shame on me) were: Sprinkler system requirements, upgrading water and sewer connections for much higher capacity, upgrading electric and gas (plus meters) for higher capacity.

What I still can't understand is: Was the wife being an ex-broker a factor in this equation?

That may be totally reasonable with updates but generally, the neighborhood and amount of square footage is going to be a huge factor in what you can get for it.

I am 25 and have been wanting to start investing in rental properties for awhile now...my issues holding me back is 2 very major factors, credit and money!!!!

Are you factoring in expense from the gross rents minus the payment?

I looked at a few properties in the past to do this and although they were okay deals the insurnace on the mortgage tended to really be a factor I didn't want to be stuck with for the life of the loan. 

I drive a lot of miles, so I also had to factor in a car that can handle the miles.  

Interest rates, market fluctuation, local factors ... once you start, you're committed to a multi 100k project and there's no turning back - it's hard to know where all those things will be 12 months out.3.

Think compensating factors with derogatory information obtained, the source of it, weigh the validity of the matter. :)