$200-$300 cash flow is a good number after all expenses but I would find a way to increase your COC return. 8% is pretty low but if you can find a way to have less of your cash into the property, your COC will be higher and you'd have more to invest in other properties.

My strategy would be to hold onto this property for 20 years while my parents receive the income and then cash out when the market is right.Rent: 8% gross salesCap Rate: 6%Base Term on rents: 11 years with 3 10 year options.In my projections I'm assuming sales increase 1% a year below 3.5% inflation.Using this conservative assumption IRR is close to 9.5% over 20 years (assuming an exit value with 7% cap).Does this sound like a good investment strategy?

The unit rent is likely to go up in the short term increasing the cash flow. 

If i had to pick it would be under 2M$.Im looking to get properties at a discount to rehab and increase their value.Any other major details i should specify?

As for financing, assuming you have a relationship with a Bank, it's fairly simple to get a pre-approval letter for financing.

It sounds to me, like pretty much anybody can pick up a simple license before or after work is done, and put a lien on whatever property they did any work on, and say it was for double the amount pretty much even if they were paid in full if there are not proper docs signed waiving the right to lien each category of work completed.

The fee/increase in rent will cover the increase in water usage. 

The way I see it is if the property taxes are so high to keep from getting ahead with your rental it doesn't pay much to keep it or look at that area to buy.We had a inner city 6 plex,, our taxes jumped from 5400 a year to 6800 ... on a 6 unit building this was after we had contested the tax hike that's 133.00 per apt per year or 95.00 bucks a month just for taxes.per unit.. we contested the increase hired a appraiser had a meet and look at with the city appraiser.. it knocked it down for a while but went right back up a year later.. 

There are two times of cheap neighborhoods, the ones that are in the path of progress that will appreciate with time (Gentrify) and those that will just be cash cows and not increase in value. 

For value-add opportunities, go ahead and do them, and get the increased cash flow from it6.