A perfect fit would be a small commercial GC or a GC that builds smaller apartment buildings.Thanks,Tom

Upgrades would have to be in line with the neighborhood (so gold plated fixtures would not be paid for) but it's super rare for this to occur.

Know what types of returns you're looking for, what type of tenants you want, neighborhood types/class, financing you're going to pursue, etc. 

Neighborhood. 65 year old couple on either side. 

I've gone through enough real estate education to know that just about everybody recommends pinpointing certain areas -- zip codes or sometimes even neighborhoods -- in which you see a lot of cash-buyer activity and targeting those areas to find houses.

For instance, My first purchase was a duplex in a nice neighborhood of Dover at foreclosure; now that it is newly refurbished and fully rented, it’s a great asset, but selling at current numbers may not be enough of a return to warrant it (I perhaps over renovated) However, positioning it for a longer term hold is very suitable because of its great cashflow.

This property is in a nice neighborhood, but this particular deal may be more of an appreciation play. 

I haven't done it, but a few have gone up in the neighborhood of some of my rentals.

The last thing I would consider is the neighborhood - make sure you know what you are getting into.

They also need to see I am a fit for them and vice versa.