I'd advise you to stay away from an asset that is extremely distressed and in need of a ton of repairs. 

In the right area it will probably go up  in value over time as wellIf you you want this to be a profitable cash flowing asset it sounds like you need to keep looking and/ or start looking at different things.

Hello John Warren I am currently looking at obtaining my first multifamily property this year and have been looking in the Chicago market.Would love to connect and potentially work together!

In states that do not require a licensee obtaining a real estate license isn't necessary to becoming a successful wholesaler.When it comes to getting a property under contract, motivated sellers want to know that you have the ability to get the deal closed, are credible and have a good reputation.Best,Johnetta

I have heard that banks have a bottom line percentage that they want to obtain for the properties. 

Multifamily is considered a really safe asset right now.Your best bet is trying to find an off-market deal or possibly purchasing something through probate that needs repairs.We just bought a 4plex in Riverside that had some upside and we pushed it to an 8 cap after one month with a few tweaks.

Matt, that depends on the buyer's plans for the larger multifamily asset. 

Treat your real estate like a business, take care of your properties and tenants, and protect your assets, just in case...These tenants just got awarded $1.6 million for a bed bug infestation that was not addressed promptly by the landlord: https://www.nytimes.com/2018/04/04/us/california-bedbug-lawsuit.html?

The conversion would be done it doesn't affect the asset.

there are great OREO agents who get bank listings.. you get on their team and you can Fuggedabout wholesalers.. you get for real deals that close  LOL.. there seems to be some confusion that there are no agents that work in the distressed asset niche there are plenty you have to find them. and you are not going to wiggle your way into their good graces unless you have money and can close.Just like you guys talk about a great wholesaler just have to find a great agent who knows  his or her  craft.most of the guys I fund here in Portland get their stuff right off of MLS..