In my unprofessional opinion I thought it was maybe 1M maybe 2M bt there selling agent listed it for 22m Initially 30M.

Upon the initial walkthrough, we identified major structural damage throughout the property.

Upon the initial walkthrough, we identified major structural damage throughout the property.

It was initially purchased by another investor and eventually foreclosed on.

I house hack here locally as well and recently sold off all my Midwest cash-flowing properties for a multifamily property here that is initially cash flow negative. 

We have an initial investment of $100,000 to $200,000 to get started.

@Rubin Thomas, My initial thought is that you cannot do a 515.5.

Next should come distributions until your initial capital is paid back + that 8-12% return. 

I could also counter it since it's his initial number, though I haven't done that yet. 

Eventually, you might hit that number, especially with a lot of units in an area with really low vacancies and you're a marketing guru who can keep your vacancy rate below 3% (almost no one is), but initially, I'd expect it to be quite a bit higher, so it'll take a while before things are in the black.I think the standard number is 10% for vacancies alone and 5% for maintenance if you do your own PM, and an extra 3% if you don't.