Do not believe any myths to keep you away of doing apartment house complexes. 

If someone lives in a single-family home or apartment without HOA rules, we strike that clause.I've read through the BP lease and believe it addresses your issue satisfactorily.

Be sure to include an option for inspection and an addendum for financing)2) Notify my mortgage broker that we have a signed contract and to start his process & order an appraisal.3) Get in touch with a title company or real estate attorney to work up the paperwork.  

So independent of my concerns with purchasing a C level, 8-unit apartment (this would be my first apartment), can you provide me with an opinion as to whether or not this property is something that you would purchase?

I have a 15 unit apartment complex that I purchased at the beginning of the year.

Also, you may get away with that in Red Bank, and being pet free can make sense in an apartment anyway, but in many markets and SFH you cut your own throat with that policy.

As long as you are sure on your home inspection and on your ARV, this might be a keeper.

If their renewal is long way off, you could do a spot inspection and if you find anything in disarray or that goes against the lease they signed you can order them to rectify and say random spot inspections will be conducted [with a 24 hour notice, of course]. 

Long time listener, first time caller =0D      So, I'm making moves to purchase a 17 unit, 11 apartments, and 6 retail on the ground floor. 

(Although we did give them a lock box code) We wanted to inspect for sabotage prior to cutting the water on.