There are things like cockroach infestations I need to think through on at least one of the properties and they all are going to require some roof work and/or getting the apartments up to speed.

I thought I had plenty of money to put into the deal via my IRA, but it doesn't seem like that's going to work and the IRA money is the only money I have.

If the numbers work, and you don't mind the crime, I say go for it.

I have also been hammered into near extinction by those same industries from time-to-time, and through sheer determination and hard work and prudent cash management some how survived.  

Find some local contractors/GC's who do this kind of work and ask them about the process, costs, snags and anything else.

So I would almost be sure such a remodel would not be possible in most condos (especially without a lot of work and effort with the board, even then probably not).

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”

Tools / spreadsheets / software are only as good as the user using them and are no shortcut for due diligence.

I am beginning to start the prep work and this is very helpful information.  

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”