Save your cash for maintenance, pay extra on mortgage principal to get some equity, talk to CPA about tax breaks, talk to small bank that does portfolio loans, talk to a commercial realtor CCIM about a commercial property wealth plan, pref in the town you are focusing in.Read everything about multis here on BP Nation,http://search.yahoo.com/search?

Month-month leaseEach unit is individually metered and tenant pays utilities except for the following:Electricity for section 8 tenant only (2,100/yr)Water + Sewage for entire house (1900/yr)Property Taxes: 7,808Insurance: 1,500 per yearSummary: (annual basis)Rental Income: $37,260Operating Expenses: $13,308 (35.7%)NOI: $23,952Mortgage 30 yr @ 5%: $10,307Net Income: $13,645 $4548/UnitThe following expenses were receieved from the owner.

I think your repair/maintenance estimate is ok, but it depends on the condition.

Start with them they should get you to the correct area about purchasing the note.Make sure you do your due diligence on the value of the property prior to making an offer as I am sure there could be surprises of damage and maintenance on the house.

Plus mark-up on repairs/maintenance?

Could you rent it to two strangers and cover the mortgage plus maintenance and still cover a profit?

You will be liable for maintenance of the roads while the subdivision is being built out.

High turn over, repairs and maintenance will be higher than usual.There will always be a need for housing as student come every semester.You could rent rooms instead of the whole place.Hope it helps.

. - a couple thoughts:- depending on the year built the maintenance cost could be light - I don't see a turnover cost to make units rent ready

Further more, updating will have to happen at some point, because it reduces the maintenance expenses and costs.If a water heater is more than 6 years old when I buy a new place, I will replace it because it reduces the maintenance costs that usually wind up being more than the cost of a new one in those "extra" 6 years.