The seller has given me the option for them to carry the down payment of up to 20% of the purchase price at 5.25%, am over 30years.Each unit is currently rented on 1 year leases.What else should I be thinking about before making a decision on this property?

Buyer put down 30% down and I carried back a note of $140K with monthly interest only.

One company owns everything and does nothing (this is your SLLC a/k/a “asset holding company”) and a completely separate company handles all of your operations (this is a traditional LLC a/k/a “operating company”) For the operating company which serves as your face to the world and through which you do all your business, you establish a Traditional LLC to carry out the operations of your investments.

Just take 2 feet of Sheetrock off the bottom of the wall scrub with bleach seal with kilz and you should be good to go.

@Aaron Moayed This is not tax advice, however, don't you just carry forward the depreciation that is in excess of your profit? 

@Aaron Moayed you always claim depreciation, regardless of cashflow.Now if you have a high AGI, you may not be able to deduct the loss from your income, but you can, and should, still carry it for future use.

They couldn't finance it and we couldn't carry so they were pissed at us.

An LOI carrys no legal weight.

Obviously you want to bid on First Mg foreclosures.I don’t know if you can have “unrecorded” liens (code violations, utilities, etc) there, or not.Do hoa debts carry over to you there?

Multifamily is definitely the way to go but you need to educate yourself on the space.Single family is a much slower way to scale and carries a lot of risk as one bad tenant or capital expense can wipe out the cashflow and put you in the red fast.Commercial and multifamily will typically require 30%-35% down depending on the lender and the property.