RISK =REWARD  I don't understand if you want to buy multi why you would not simply employ a good Commercial broker who specializes in this field.. look at units that are all tenanted and up and running..

You might consider Niche or Specialized Housing like student housing.

You might consider Niche or Specialized Housing like student housing.

You might consider Niche or Specialized Housing like student housing.

Stay tuned as we are planning to ramp up our meetings with some special guests!

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

Get yourself a real estate agent who specializes in real estate investing. 

There are a few agents that specialize in that area but they bring different qualities to the table.Are you looking for resale, buy, rehab?

Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.You might consider Niche or Specialized Housing like student housing.

And if you haven't already decided not to run screaming, remember that HOAs can declare special assessments, so you may, indeed, be paying for new siding and roofing, storm drain issues, etc.