I also have to negotiate the offer, work through the disclosures and due diligence (in CA this is a lot of paperwork), manage the timelines with the lender and escrow, make sure repairs are completed, and that we close on time.

hmmm, sounds like a lot of credit repair company's...haha

A 24 unit will most definitely have maintenance and repairs, as well as cleaning fees and depending on your state laws you may be required to have on site maintenance and management once you start getting into that many units.

Second, you would most likely need 20% down + closing costs and rehab/repair costs.

Make sure that you keep the purchase AND rehab to a max of 70% of After Repaired Value.

All the roofers that come out only want to replace it and not repair it, because they don't want to "ruin their name" by repairing it and it leaking again.

Rented immediately for $600/mth, ie. 12% nominal yield after painting to remove the smoke staining, and some kitchen repair.

But, over time, large numbers take over and it will settle to around 50%.The people who get into trouble using this long term view of expenses are the ones who are doing short term deals.For example, you buy a building based on estimating the expenses at 50% but six months after you buy you are force to repair a failing foundation.

I believe she is a month behind, owes 2100 in taxes for 2007, property just needs minor repairs, payment is about $1200/month at about 8.5% interest.

The rental got some repairs done today, and will get a bit of paint.