Mind you, her flat roof caving in literally, and her units smelled like money, cigarettes and animals!

@Michael King, right now PA Is the only state that flat out does not recognize 1031 at the state level. 

Typically those are shingle pitched roofs which is much different than the flat roofs on most commercial buildings for cost and labor totals.

Here everything is old, flat roofed, and sketchy/tired. 

If so, were permits pulled & were they installed by a professional5.Are any of the homes rented to students6.Is there a flat roof7.are there asbestos shingles 8.

Large numbers of homes near UNM are Southwestern and have flat roofs with stucco exteriors, but there are other styles as well including some rather Victorian ones closer to downtown.  

@Edmund Post - As long as the numbers work and the rent is well in excess of your PITI then it makes sense to put the lowest amount down.

That still sounds kind of excessive.

@Tony Roberts I would doubt if anyone will do a 10 yr loan for a flat 10 percent.

The easiest way is to have them as a 2nd lien holder and give you a flat rate interest only..But joint venture would be most appealing as $90k is pretty much 50% capital on this deal correct?