You response has definitely given me a lot to think about moving forward.

Lot to spit out there...Have to watch out on zoning - what was a permitted use (residential) can be lost due to periods of vacancy. 

In honesty - this may be a lot to ask for since you are new to real estate and haven't done a deal yet.

I figure I would fix up the units a little cosmetically in between tenants, but I don;t know that the area calls for a whole lot to be done. 

Maybe once this one is done, I'll find another, but my grandpa is charging me a lot to borrow the money and I'm not sure how sustainable it will be.

If you want to invest in rentals it helps a lot to have a profitable business or a hight paying job.  

Lisa:There is a lot to learn. 

We’re thinking about converting everything into split unit hvac since tenant pays electricity and boiler is getting old and costs a lot to maintain and run heat through four stories.

The property is still at 6.5% cap so I have a lot to consider...

I found one called ( Rainbow Knolls) old subdivision platted in the 20s but because it was under one common ownership  ( 104 lots) assessor on the assessors plat map showed it as a 15 acre tract.. we made an offer like it was one building lot.. then we got our HML to put 104 individual loans on each lot to the tune of 3k per lot we used that 300k to build all the roads and infrastructure.. we recorded each loan individually which caused the assessor to reestablish the plat. without having to go through the platting and land use .. planners did not like it I can tell you.. but now a days out west this is quite common and there are easier ways to do this.. in Oregon for instance they call it a lot confirmation.. there are all sorts of shadow lots lying underneath lots in the city.. takes 60 days and a few hundred bucks and a current survey and you can split lots as long as there is a shadow plat that was recorded back around the turn of the century.