If the property was renovated top-to-bottom four years ago, you would be safe with a small reserve whereas an old home may need a new roof and boiler and water heater and windows in the next 5 years.Personally, I have 22 units and keep around $15,000 in cash.

We located a 'For Sale by Owner' sign in the window.

(Roof, windows, doors, HVAC)- large fenced in backyard - 2 car driveway in a location where driveway is not common- Overall, interior is up to date and property is in a good condition and area.How would one should approach this to make it work for both parties?

What tricks are you using for getting maximum discounts at lowes?

You should have a window of time to shop now though without damaging your credit score.

@AJ SmithFHA is a govt backed program intended to promote home ownership for lower income and people w/ bad credit.Pros: slightly lower down payment, can qualify with lower credit score, generally better ratesCons: PMI forever, longer closing (45 days usually), may require small things like a broken window to be fixed for the bank to move forward with the loanConventionalPros: PMI only until LTV reaches roughly 80% (I think it's 78%?)

Does the window have cracked glass, a dirty track, torn or missing screen? 

Price - 235,000 - 3% from seller towards closingProperty Type - Multi FamilyYear Built - 1949Units - 4 unitsBed/Bath- 2 bed/1 bath per unitSqft - 500 per unit - 2000 totalRecent capital improvements-- 2018Unit 3: New fridge, window, vanity and toilet- 2017Unit 1: New deck, AC, washer and dryer, baseboard heaters,kitchen faucetUnit 2: New deck, AC, window, baseboard heatersUnit 3: New paint, carpet, trim, fixtures, baseboard heatersUpdated landscaping- 2016Unit 2: New fridge, stove, toilet, vanity, tiled shower, paintcarpet, trim, fixturesUnit 4: New tile flooring, bathroom sink faucet, kitchenfaucet, paint, trim, baseboard heaters, AC and fixturesNew roofHow I will be funding it?

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

Check the siding, windows, doors and trim for signs of structural issues.