A lot of folks sit on the sidelines right now, running numbers with market rents, and their potential PITI and stop there.

Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals.

By selling the property now, you can avoid the time, money, and effort required to make repairs and potentially deal with ongoing property management responsibilities.On the other hand, if you are willing to invest in the repairs and potentially hand off the property to a property management company, you may be able to increase the value of the building and generate higher rental income in the long run.

While refinancing to get cash out as soon as possible seems like the way to go, getting the best financing over the long run is smarter. 

Otherwise you are opening the door to pay transfer taxes and likely originate a new loan.

This would give me two to four "doors" depending on how many units the "house hack"  has available to rent.

Good advice here but I'd like to take one step further... its a crowded market and buying the right property, setting it up right, and ensuring it is run well is key.

Like all towns with high crime, it's not entirely bad, but you do run the risk of lenders wanting to reduce LTV to reduce risk due to the area (if you're going DSCR anyways).

He was netting 30,000 monthly with these running 24x7.My goal is to assess the value of business without game machine license and with gas.Scenario 1:Terms if I assume his lease and pay him off at 250,000.Rent 8200 (somewhat negotiable)Utility 1500Payroll 6000Insurance/internet 350Current Inside Sales: 45000Current lottery commission: $3000Gas when pumps were working: 20,000 gallons at 30c.Based on these numbers, I am guessing he is putting money into this business without working pumps and no game machines.

I live between Avon and Plainfield, I just saw a rental in the neighborhood next to me advertised for $3000 for LTR,  totally shocked - the one two doors down from me is renting for $2400.