I was planning to take this money out and use it for a down payment but than my friend said that he has some money saved sitting in his savings account and not making any money for him.

Even if one has $1MM sitting in bank account, you can only by a $4MM property if one goes to bank.

Jeff Kehl The property was built in 1968, the hot water boiler appears to be original to the building, the piping appears to be in satisfactory condition 3 of the 8 units are semi updated, not a complete updateI believe rents could be raised, but not much, 20-40/doorThe building sits in a highly desirable school district, with a couple small apartments on the same street and some four plexes also, all rent out fairly fast, no vacancies currently.

Disclosure is not necessary...this is usually a pretty long and difficult road to qualify to sit for the broker exam...but guessing you will need to practice for a couple years before you can become a broker (this is state specific, though)Good luck!

What would it cost to turn the unit over and how long will it sit vacant until you find someone new? 

Hey Louis, I've only owned the property since it was built in November 2014 and I'm sitting at a 3.99% rate so I haven't considered a refinance.  

ive seen properties that needed to be tented and eradicatedthis is not cheap then you have rehab on structure areas and these may be load bearinglook at all the areas that were infested and make some numbersif you can pull off the extermination and rehab for 25k then you may be sitting ok depending on how you structure the deal and what they think the property is worth25k is just a number youll have to really sharpen your pencil to see if the project is worth itenjoy

I know  I have lots  to learn but  not going  to sit  and just  watch   I'm  ready to  "Jump in the Note Investing business"   Would  love  to hear  how  someone  did  just  that. 

Luis, you're already sitting in the best market for you, my friend.

If no distributions are made, they just sit and wait.