Also planning to do a maintenance walk thru and deeper clean every 3-6 months where they really clean the crevices, change batteries on smart locks, touch up paint the wall dings, and other misc stuff. 

I was purely looking at it from marketing, but I concur, systems, software, etc. could apply to any market.

I do recall hearing that the Birmingham market never fell as far as other markets, and therefore, did not have as far to return, but that could all be just pure speculation.

A 20-30% down payment is common for pure investment properties, while a down payment of 3.5% is possible on multi-family properties if you plan to live in the property for at least a year.

Its highly unlikely that you're going to get an eviction order based on a couple cigarette butts, as this is purely circumstantial evidence.

There are many investors who buy at these HOA auctions, even with negative equity, purely to rent them out until the bank forecloses….it’s purely a numbers game, how much to pay for how much per month for some estimated term of ownership until the bank forecloses.  

I use their deposit to clear out the trash, my handyman likes the extra scrap recycling money, landfill & City drop off (paint, used oil, batteries, etc.) handle the rest.  

If you get a battery, you can also ensure you or your tenants have power during a blackout (which is happening more and more in certain areas). 

So the property will just sit until then...and again that was the sellers decision after hearing and seeing their listing presentation, marketing plan, pricing strategies, etc to hire that agent...that's purely on the seller, not the agent...

If the property sells in 3 years at a gain of 100k, it will likely be a capital gain unless the partnership is a dealer.Part of the gain calculation should be proceeds allocated to the land interest and be pure long-term capital.The amount allocated to the building will consist of 1250 recapture and unrecaptured 1250 at 25%.The depreciation is an ordinary deduction that would be lumped in box 1 of the K-1.There may be 1231 and 1245 if they cost seged.These amounts flow to your 1040 on Sch D and 4797 among others.