Pre- 1974 there are EPA lead based paint certification rule and contractors disturbing over a certain sq ft of space.If you do not follow you can face very stiff penalties into the five figures.Older building like that I usually go 60 to 65% of gross expected in costs.

I know it won't be easy but ready to face the challenge!

Yeah the face to face I’m in agreement with you.

It's great to have cash to buy with, always makes things so much easier and faster in addition to almost always getting a better price.Even if you don't "plan" on buying another right away you never know when an opportunity will present itself and in order to be prepared to take advantage of those times they end up in your lap/face, you should be prepared to pull the trigger and execute!

Just because you have a PG does not on its face mean your home free by any stretch...

The side that is not is in terrible shape and will need a full face-lift.

Would this trend hold out in the face of a market correction? 

You should also find investors locally and network with them face-to-face.

More importantly, as mentioned earlier in the thread, it's about finding the deal.Here's how I financed one of my first and most creative deals: Back in 1998, the market was barely recovering from the last trough, and even though the market in Ventura county, CA is desirable, back then it wasn't unusual to see a property sitting on the market for a year or more.

Have them show you some houses, but don't let them rush you into a deal.Finally, you will face the leverage question.