I have a few friends and relatives in mind that I'd like to present this opportunity to but want to have a good business plan prior to meeting with them.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

Brian Kolb - like Christina R. said, HUB City REIA is a good place to possibly locate a mentor.

If you convert your home prior and decide to rent or live else where in the interim, then decide to use FHA to qualify for a new primary you can use the rental income with out restrictions of the 100 mile rule and still qualify for FHA.Their (FHA) guidelines are rigid, but with proper planning you can adhere to the guidelines and accomplish your objectives while avoiding the unintended consequences of the rules.Best practice would probably be to wait a few months after moving till utilizing your FHA loan to obtain another property.FHA does have a max of 7 financed properties including the FHA insured property (6 rentals + 1 FHA primary) so it looks like you're riding up to your max with the current of 6 financed properties.

Check, we got that.Just prior to that statement, the Bible says, “Six days you labor, and shall do all your work”Point two: have you ever considered we’re commanded to work six days?

The property is a great corner location, minutes from downtown, and is a 4 BD 4.5 bathroom property.

"We had no intention prior to the receipt of the most recent sanctions of closing down despite the challenging regulatory environment that now threatens all proprietary higher education."

What's the approximate loan amount, rehab costs, and location?

That is an idea we have been thinking about - prior board had some initial conversations with the fee holder but it stopped there for the time being.  

At first glance I look at the cap rate, location, and condition/quality of construction to narrow down properties I'm interested in.