If you convert it into essentially a big bedroom/apartment, it's going to be hard to sell.As far as your potential cashflow I ran the numbers through my pro forma and I'm coming up with $275.30/month in cashflow.

This would allow you to use this Line of Credit and essentially acquire more units with no to low capital.

With that said I use Rentometer but I have the paid pro version which I believe is $99 a year you can essentially narrow  down your results by certain distance from you property (radius) and  you can have it only share results in multi family and condos or you can have it showing results only for SFR’s and duplexes.  

You need to have your plan, multiple alternate versions of how your plan will still pay in the face of difficulty, and essentially that you know exactly what and how you are doing. 

Hey @Lance BeanWhen looking at purchasing an apartment complex it is essential to put together a detailed deal package document that you can present to an investor or a banker.It is helpful to first take a look at a sample deal package.If you take a look at a sample deal package that has been put together by one of the larger brokerages you will see that these are serious documents that can be around 25 pages in length or more.The document can begin with photographs of the property that you plan to acquire.It should also include a confidentiality statement.This should be followed by an executive summary which introduces your company and states precisely how much money you are asking your investors for.

Essentially, we would like to supplement an income (my mother's) which is approximately $24,000 after taxes.

So essentially double a months rent.

Yes, there are occasionally properties on the market for $500... but they are essentially worth a negative amount, because in many (most really) cases in such bad shape that you will spend more than the property would ever realistically be worth in order to get the property habitable.

The paperwork the landlord has to complete is the Request for Tenancy Approval, which essentially just provides info on the rental unit that will allow the HA to estimate what they utilities will cost so they can use this variable in the equation to determine if they can 1) pay your requested rent within the tenant's budget and 2) if the property will be affordable for the tenant's income amount.Section 8 is great to have in certain markets because you'll have a steady flow of applicants and get paid on time.

Essentially there are some deals that are found from my peers that are move-in ready and would be good to present on the MLS for conventional buyers.