However you bid also determines you effective interest rate via a complex formula many bidders do not understand.As @Dustin Haviland  mentioned, you need to know the true value of what you are bidding on, not just the tax assessed value. 

Process doesn't seem to difficult or complex to evict the tenant.

Our future REI interest is mainly in multifamily units and small apartment complexes. 

http://www.har.com/content/newsroomHouston Real Estate Highlights in August Single-family home sales rose 8.2 percent with a total of 7,914 units sold —the greatest one-month sales volume of all timeOn a year-to-date basis, single-family home sales are up 1.5 percent;Total property sales rose 7.1 percent to 9,319 units;Total dollar volume shot up 10.6 percent to $2.6 billion;At $225,000, the single-family home median price rose 4.2 percent to an August high;The single-family home average price increased 2.4 percent to $289,519, which was also the highest level for an August;Single-family homes months of inventory climbed to a 4.0-months supply;Townhome/condominium sales rose 5.1 percent, with the average price up 1.0 percent to $202,669 and the median price up 4.0 percent to $156,000;Leases of single-family homes were down 2.2 percent with average rent down slightly to $1,878;Leases of townhomes/condominiums rose 5.7 percent with average rent down 2.6 percent to $1,604.

OR it could be much more complex in that some of said systems are not up to current code and need to be revised.

I'm learning about some of the complexities of having an LLC and obtaining funding.  

It was perceived as only a problem without forward thinkers considering how it could benefit the city.There are at least half a dozen upscale apartment complexes from started to recently completed.  

It adds needless complexity to simple tasks, and I believe the cost/benefit ratio is very high on the left-hand side of that equation.

We are looking for a $1-2 million apartment complex.

The list price is $52k, but comps have sold in the same complex from between $30,000-$43,000 so I was going to offer $38,000 with $9,000 down payment.