If you have a hard time affording the extra $7500 for the down payment, you may have an even harder time with 6 months of vacancy and an oppositional tenant, if things happen to work out like that.Other than that, I agree with @Ben Wilkins that you shouldn't count on any pet rent income or coin op income in your #s, and with @Josh Caldwell that a significant part of this decision should be whether you actually want to live in this property (for the 5 years of the loan assistance term).I don't think the #s are going to be cash flow positive for a while, but if you look at it as "monetary assistance for a place I want to live anyway, along with an introduction to landlording" then the whole package may still be good for you in this case.

Blizzard outside.Drive to the home.Access the damages.Look at the big hole in the roof from the fire dept.Plan our strategy.Talk to tenants.

MONETARY DISTRIBUTIONSI plan on distributing either monthly or quarterly payments to the PML and me, after CapEx, taxes, payments, etc. 

If everything was fixed up and the seller is cash flowing nicely, he can just sit on the market waiting for a full price offer, but with half his units not being rented, he can be in the hole or barely breaking even (depending how much he is getting for the other two units).

Not the "quick key" special ones with the tiny hole and special tool, those can be easily broken, but the more standard ones.

Of course, I don't know Fulton from a hole in the ground so I could be completely wrong.

I lost out on a duplex in the Kingfield neighborhood because I had a verbal commitment on my offer but by the time I had a formal offer written up (and was in the hole $450 to an attorney) the seller backed out.

I got sucked into a black hole of Googling on Tuesday, and found this forum.

From (AOAA-Assignment of Agreement Addendum) outlines the details of Partial Assignment, Total Assignment, Assignee's Name, etc. and a section where you check a box stating that Seller has been advised that Buyer IS or IS NOT receiving monetary consideration from Assignee for the Assignment.

With regards to electric: 20 amp GFCI protected outlets at kitchen & bath counter levels, hard wired smoke/carbon detectors 15' from all bedrooms and 1 on each level, grounded outlets (if the outlet plug has 3 holes typically your all good if not you will be pulling new wire), from your general comments on overall condition you will likely be looking at a new service & panel as well.