Make an offer on what makes sense.Once you get the property, you can either move in to the place (if it's habitable) or stay in the hotel/corporate housing where your contract is.Spend your evenings working on the place and cleaning it up. 

The lender is a local bank who is very conservative in their lending habits also.  

I go on loopnet and work out numbers on properties that fit my criteria just so I can get in the habit of getting things done fairly quickly .

It's been extremely valuable and has made me want to re-evaluate my current spending/saving habits. 

It's sad because if you do an ounce of research you can immediately see that Rent control does more harm to communities than good.Instead of new quality affordable housing that is newer and nicer buildings, we get slums, with landlords having no incentive to keep up the property but just get minimal rent and have trash filled, broken windows, bad tenants, druggies etc who just pay the minimal amount of rent.

The flip side of that is it gives bad tenants more time to cause harm and possibly stiff their LL.

Being able to build great financial habits when you're smaller makes it way easier to run bigger setups.

While it is obvious that you mean no harm, not all in the business have fallen into that category and the state has stepped in to protect property owners from sharks. 

So many of us out here are still trying to find someone to show us the ropes and teach us the game all while trying not to get taken or learn bad habits.  

New shingles, several windows, re-level two second story apartments, new exterior entrances, three kitchens, three washrooms, flooring, drywall and paint, etc.We would consider two of the units habitable at the moment (even though three units are occupied), one is barely habitable, one apartment had a fire and requires refinishing and the commercial space is vacant and dated.Our goal would be to rehab the unit that was damaged by fire, then renovate one of the units currently tenanted and finally gut and divide the commercial space into two one bedroom units giving us a very nice six plex when completed.After plugging in income/ expenses and adding 8% for each vacancy, management and maintenance we end up with $100 cash flow as is and conservatively calculated $1600+ net cash flow once renos are completed if we do not refinance.At a 15% cap rate Value would be in the $135,000 to $150,000 value range.The  second property is actually kittycorner to this property via a back lane and is a completely finished fully rented fiveplex.