I have heard from many, that areas with large/medium Universities can be promising.

And here's a general question I just thought of: If my partner maxes his loans out at 10 for our LLC, would I be able to max MY loans at 10 on top of that (adding 20 total properties to our portfolio)?

- you make 50% of the net profit - that is net less advertising or expensive - so if the expenses are $1,000 you would make $9,500.00 and I would make the same.The expenses are usually the cost of advertising the property for sale.So............... it you are ready to begin creating leads - this is what I suggest you do ---Farm neighborhoods to look for FSBO's, send me as many expired listings as you can in the neighborhoods where we are going to invest, Go to housing court 2-3 times a week to listen to the cases and meet landlords after their case is called, run some ads in the local papers (I will design the ad for you), get me a list of all the local auctioneers in the community, put flyers on super market bulletin boards, ask 5 people a day if they know of anyone interested in selling their real estate.Look for commercial and business real estate for sale - get me all that information and we'll make a call to get information and make them an offer (you present the offer for us)Later in the "Mentor - Apprentice relationship we will advertise on radio.Any questions?

The inside isn't done, it looks squatted inside and it feels like the sorriest attempt at a house, more of a super large shack.

My initial numbers indicate it is NOT a good deal for the existing use but with the value added building out the 2 other units it starts to look pretty good (negotiating point?).

Hmmm...Edit: yeah, I don't see adding substantially to the value. 40k would really be tops for this property in this area

I can be able to fund you before then but before we proceed further i need you to understand that there is a $650 fee attach to the loan and that this fee will be paid upfront and cannot be added or deducted from the loan amount....If you fee uncomfortable because of this fee then i cannot be able to continue....Let me know if we are to proceed or not"

Then you can either cash out refinance that equity bump to roll into the next deal (BRRRR) or let it ride with added safety and cash flow that you can put away for the next deal.

I would start off with fewer units (around 18) then large complexes later unless there are plenty of homes that have tri-plexus and four-plexus that are occupied will cover your debt payments and possibly allows you to live there if your situation would allow you to possibly live there.  

I really don't have large buildings had a 6 plex a 5 plex and now a 2 double bungalows so 4 units.. so that make it easier for me.