The cash flow is marginal, it needs improvements to be rent ready, and you would be an inexperienced long distance landlord.

Those who see we have improved the place will be happy to sign.

Also, most people don't like the idea of a co-signer, but you can always remove them later once your income has improved.

It's not a cheap date here and inventory is at an all-time historical low. 

The building was bought and somewhat improved about 7 years ago. 

Most of broward county offers better cap rates and higher inventory of 4 units.

Unless and until the economy improves and the housing shortage turns around, you're going to see people getting creative with their available spaces.

@Dustin Lauer thank you for your feedback, interesting to hear from a lender side, appraisal was actually done couple months ago and all requested docs were submitted, so it's unclear what's delaying other than them not wanting to do the loan, great point about using tech to improve the process, hopefully that's where we are headed@John Morgan how long did you wait previously?

Keep in mind you should still account for maintenance, capital expenses and future improvements (which are all accounted for in commercial property along with vacancy factor)I know this is a lot of information but success is in the details.Final point, if the numbers are right this property should qualify for rehab and long term financing.

So if historically the area has been renting in the 900-950 range but now inventory is low, you may be able to get higher rents and therefore actually cash-flow (if you had the whole thing rented).