I and other investors have bought 10+ unit building or packages that are in disrepair, run by landlords with no funds or inclination to rehab them and as a result were rented at very low rates to tenants who wouldn’t complain about all the problems.

I like it vs doing an older building where you're spot fixing problems and are hoping nothing to signicant is hiding in walls. 

I have been offered an exclusive Deal by a local "friend"/ semi-mentor in my small town.  8 standard 2/1 apartments -  Quad, duplex, duplex, 1970 Dated buildings, little neglected but liveableOwner finance: 20yr 6%rate with 20k down------------------------------------------------Total purchase 400KCurrent NOI: 41k     Cap: 10         (Tax,Ins,Maint, Util)Gross rent 4500/mth-----------------------------------------------Upgrade, Est repairs: 60k After reno: NOI: 59K   Gross rent: 6100------------------------------------------------Loan pmt: 2865/mth,    34k/yrCurrent Cash flow: 531/mth,  6,378/yrAfter reno Cash Flow: 2131/mth,  25,578/Yr-------------------------------------------------Added info- -Property line Joins with (growing) Community college-Tiny town-The Buildings are Currently "uglyish".- Current Rent is 150$- $200 behind market avg.I am very comfortable in single family homes in this town (own 18 SFH rented and performing well).

Good morning all,I’m a vet and current firefighter looking to build financial freedom.

My goal is to at least have positive cash flow while I build equity in the investment property.Has anyone successfully purchased a buy & hold with this strategy?

. - When building codes are updated, it is often uneconomical for all buildings to be upgraded to meet new codes.

I am not trying to build a large portfolio of rental properties, just basically let my equity do it's thing from a-far. 

I'm a new investor (have a separate W2 job), looking to build storage in near future.

It comes from building relationships with anyone who doesn't hang up on you.What's your pitch to them? 

Just to clarify, I’m trying to start building a real estate rental portfolio.