Other little things: 
•You have to know how to evaluate the deal, you should know how the numbers work. 


You'd be a volunteer.Suggest you search on these forums for PETIO which is a format for evaluating properties and determining their merits.You ought to determine if this is, in fact, abandoned, as opposed to just vacant.

Hi, I recently joined Bigger Pockets to better understand real estate investing and how to evaluate opportunities.

The other items I had were already covered by others so you should have plenty to consider in your evaluation.  ;-)

And I would also go there to choose an onsite manager from the 10 tenants and evaluate how they will do. 

In general  cap rates aren't that relevant evaluating residential assets other than for yourself.The important thing to me with houses is equity capture in my expensive market.

I've worked with an investment company as a Financial Manager evaluating deals in the IE but mostly in the LA area.

@Erik W Erik, So the primary way of evaluation used by lenders on a 5 or 10 unit property is comparables, like on a single family, and not the net operating income?

And, you have to have or know of a good Contractor or evaluator that can tell you what they think of the roof, or other items that need work. 

Only difference is how you evaluate it and how you do your due diligence.