It will be my problem to evict the existing occupants.

I do a cash out refi of my existing rental and buy 2 properties with the proceeds.Then the Ferguson shooting happens and riots start.Crap!

Building costs are high compared to the returns available in the "Disney"/Orlando market and existing properties come with all the issues listed by @Daniel Karbownik (all of which are only increased by the oversaturation of these types of properties in the area).

@Cheryl BergtholdI haven't been to any of their investment classes, but anything you can learn from a class is freely available through the internet these days - that's why this website exists.

Unless you're buying something massive - tens of units - I wouldn't worry too much about how much they have it rented for and for how long, outside of what existing leases say and deposits that are/should be on file - you will want those, and you have to abide by existing leases until they expire.

The issue on the listing is that the $950 per unit is not for any existing leases, it's the owner's (presumably) opinion of the rent there. 

Subdividing one existing APN into multiples requires a City Zoning Variation and the process is length in time, expensive and does not always conclude as we intended :sigh:

For years, he has told me to get my license because it would be easy for him to throw things my way since he doesn't usually use a broker.He tends to acquire 1-2 locations a year and uses his existing contacts to locate a tenant (mostly national).  

I have a perfect credit history (I kept my US credit cards for 10 years even while living abroad :)), I will also be using my wife's rental income (she is a green card holder with an almost non-existing credit).I am looking to buy this house and sell after I have lived in it for 2 years for tax reasons.Thank you for any tips!

All the downspouts were routed into it existing drains so there was no drainage or water issues.I am not sure what you mean by SIP but that probably means that we didn't have to do it!