I know most traditional lenders want 20-25% equity in the deal.   

Also, factor in that your turnover will be very high compared to most markets given the student population and low-income area.  

But, outside of having potentially lower closing costs, think about if it is worth it when compared to getting convention financing for 10 properties.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Thats exactly how I remember the street I grew up on lol  A lot of variance but I think Trevor Baker has a chance for a great deal but should try to get as many comparables as possible first!  

Are they comparable? 

The difference is at this point there could be more penalties and fees, but usually they are minor in compared with the taxes due.   

Given comparable rent of units this size in my neighborhood, we are getting a great deal.

To add to my above recommendation, make sure to pay close attention to the sold date as well and try to stay within 3 months of the date the comparable closed. 

If anyone wants to meet up and compare notes or could use a quick scan of something while I'm out there, just let me know.