Listing also notes tenants are paying all utilities and all have a washer/dryer in unit.With this limited information, is this a "deal" you would be interested in?

@Ken Martin  The seller is going to get their equity through a combination of your down payment and the principal + interest monthly payments. 

However, a 10 lb dog visit for a day (and not staying over night) combined with reasonable, responsible tenants who respect my rules is a situation where I feel I could make a reasonable exception to the lease and keep happy tenants who will likely stay longer and continue to disclose any actions that would need my permission rather than doing as they please behind my back. 

This does make it tricky to comp, but I looked at the price for square foot and its somewhere in the middle if I take into account "like structures", that is to say, total BR / BA, square footage, within that particular neighborhood.I say all of this because I still don't know at this point due to lack of experience if the location is worth overpaying a bit combined with the opportunity to get the rents up and be able to handle the vacancies easier because its a 4-unit.You all have been a great help to me working that out, so thank you all for your responses.

The biggest questions are about all the little stuff like common area electricity, cleaning and constantly fixing the pool, mowing, irrigation, manager's pay, maintenance crew, exterminator, turn-over,  make-ready etc etc  I am building these apartments in Texas, just north of Houston (its underway and some are done and moved in to)  20- 750 sf one bedrooms, 8- 1120 sf 2 bedroom (2 baths)28- 1930 sf 4 bedrooms (4 baths) I have to fix the full size washers and dryers after the first yearWifi (8 modems with 24 access points) one account per modem that's $80 times 8little bitty managers officeshop for storage and partsdecent saltwater pool but no hot tub, pool has sand filterlots of good outdoor lighting over the 4.5 acresno outdoor stairways and no balconies,Keep in mind there are brand spanken new, one bedrooms are done and occupied, starting the others in a few more weeks after I submit for a loan.

If you both sold the properties and you each threw in your combined 250k, and you found another partner to put in $250k - you could now buy a $2.5m complex which could support it's own full time property manager!

Combined, they are roughly at 50% LTV and I estimate very roughly that I have $300k in equity (at 100% LTV) in the properties.They both cash flow about $150 per month or so, and I do t have a lot of outside capital to work with to pick up any additional properties.Any thoughts on how I maximize this situation?

The combine credit score and income will then be evaluated. 

But they aren't quite articulating it enough in my opinion.You can both as friends do this together without putting strain on the friendship.And after learning and growing as individuals, putting it together to combine your expertise will just come naturally.Good luck no matter how you choose to play it!!

When taxes appear too high there are usually three ( or a combination of the three) situations:1) The property is assessed too high and/or property class is wrong.