thanks for the welcome @John Steele  yes a lot of the real estate in and around buffalo is doing great with a lot of large development going on downtown its starting to improve the whole area. 

For instance, if you talk to the city and they tell you "the zoning is OK for a B&B, but you'd need to add 3 more parking spaces", then you can't just say "zoned for B&B" and leave it at that... you should tell prospective buyers about the additional requirement from the city. 

My wife's concern is that these tenants will band together creating a legal issue for us.

.: @Lucas Bonasio @Ryan Steele There is so much push on this board for conventional (Fannie) financing that the benefits of commercial/portfolio loans are often over looked.

Most of the deals right now are on Class B and Class C "Value Add" projects, especially ones that have been mismanaged.

@Joaquin Meraz ,I agree with @Ali Boone , @Jeremiah B. , and others that the team is really going to make or break your out of state investing, so a lot of people like to stick with multiple investments in one city, until they set up another team in another area.I've been doing well in the Bay so far, but will be considering out of state at some point in the future.

I put up a couple steel warehouses for $28/sq foot with concrete, electrical, plumbing and labor.

It is entirely true that some price bands are doing much better than others.

We will off course happily welcome any appreciation of the property, but this is not our initial goal.For the first 5-7 years we will be focussing on purchasing small multifamily properties (2-4 units) in the Dayton and Cincinnati (Ohio) B and C rated neighborhoods.

B and C class areas for 4 units are going under 200k.