That would be my biggest concern, since you only have 1,800/yr of Capex reserved.  

Unmetered are always higher and the city currently isnt installing meters due to lead concerns.

My wife and I have concerns about the liability and putting the pool maintenance in the hands of the tenants.

Our concern is his connection to previous seller, him having his daughter in another unit and his really low rent AND him having his maintenance equipment on the property.Thoughts or any additional questions you have before giving me your thoughts!

If you already have a good local bank relationship, then you just need to confirm if they specifically have any additional concerns with the condo financing.

@John SmithUntil 1982, private offerings, which are exempt from SEC regulations concerning investment offerings in general, were accomplished relying on the general exemption for private offerings.

You can get into 4-plex territory in landlord friendly markets for what you are planning on spending on a TH4) I notice that one of your concerns is 'enough time to manage'... have you factored PM expenses into your calcs in case you want to pass management off?

On my end I’m showing a 2.01% cash on cash return with $105 monthly cashflow with as is rents. taxes being 5900/yr repairs & maintenance 8% cap ex8% vacancy 5% management 8% My main concern is that when I do wish to cashout refinance (6-12months into the deal) with a traditional bank to pull my money out of the deal along with get a lower interest rate, the 5% prepayment fee will bite into my profits a bit too much

Your mention of a $1m max concerns me, since that is only about 10 properties and I hope to reach that this next year and a half.

Now, investors who do not properly account for a state or area's specific property tax situation can be in for a big surprise.I would be concerned about too much dependence on a military base (can't comment on Meridian MS in particular though).