There are a lot of active investors out there that don't spend their time on BPs.

You must manage your time (and skills), manage contractors, stick to a budget, and follow a strategy.

The tenant is not as much focused on rent when they are strong regional to national in nature but the best spot they believe drives the most sales and profit annually.It's the lesser quality smaller tenants that are more sensitive to rents because their model is not often proven with scale or over time as much.So you have to know what you are buying and what to do with it.I buy same stuff for cash but I am the GP on the syndications and my LP's put in minimum 200k per deal as accredited investors.To convert the bank to medical would be very expensive.

What are you going to do for PM and Maintenance as a 40 unit will not support full time either position and that makes for management challenge.

@Cheryl A Perna- thanks ...the proeprty will need to be a condo as there are no SFRs in the downtown area you mention ...condo market in seattle  is  much softer  than the  SFR market right now ...its a buyers  market with many units for sale ...the price ranges are still high and if you want to try to break even with renting it part time - it may be tough to do   especially  when factoring HOA dues into it  . 

I'm sure you've helped clients in similar situations.Thanks again for your time and expertise!

It was intended as a fix and flip, and our original exit strategy was reached. we bought with hard money then did a refi to convential because repairs became drawn out and rented for some cf to by is time. we ended up selling for 405,000 and our loan balance was 235,000.

Our main concern at the time was a solid accounting platform, which they do.They are easy to build around and integrate your team, a solid owners portal, but I am unsure about AI at this time. 

What @Tim Baldwin said.Otherwise, spend some time figuring out how to edit your existing lease to make it MTM.FYI - our company lease is setup to be ANY lease length by just modifying the lease term.

But if you want to go faster, there are two things that will help by getting your foot in the door with house hacking.First, is over time you'll build equity and can eventually refinance and take that cash to use as down payments.Second, if you want to use private lenders, virtually all of them other than family and close friends will want to see a track record.