Hey Guys, I live in a college town and am evaluating a deal on 4/2 and a studio in a primarily college area.  

I'm actually a teacher by day and a real estate investor by night. 

This may be an interest-only or high interest loan.I am not referring to a refinance, or getting equity out of my home, but a purchase based on value.In other words, if I were to purchase a $1.2 million home and a lender sent out their appraiser to appraise the property.

There is a REIA group that meets in Branson and one in Overland Park Kansas - both would be good groups to join - maybe not to attend the monthly meetings, but to attend the weekend workshops they offer from time to time - well worth the cost of the event and a day spent in either city for a full day of networking and learning.In Kansas City  - there is a full day training workshop coming up on the 17th of September and the 22nd of October at MAREI

Roof, furnace, and A/C are all in good condition and reported to be functional.

Before you jump in, I suggest that you join a couple of local networking groups that strictly focus on multifamily to get a sense of what is happening in the multifamily market. 

The place already needs a full update, so the only extra cost to us is the movers and a dumpster.

That destroys value - it just adds cost and a middleman to the end deal.Jim.

It was as if the house had been worked on and a rehab crew gave up (maybe the mold started and they freaked out). 

Especially the days when you discover that big capex like a roof being blow off (happened 2 years ago), some tweakers climbed up on the roof and gutted the A/C (did two of those in the last 12 months), an evap cooler leaked for so long that the drywall on the ceiling of the kids bedroom caved in (last year), the hot water heater blew a hose and a major leak went unnoticed for 10 hours flooding the hall, kitchen and living room (dealing with that now), the tenant smelled gas outside, the gas company came and shut off the gas because the underground pipe is corroded AND also discovered that the water heater is not venting properly so it got red tagged (just dealt with that last month) or the time the tenant "invited" a homeless guy over, he moved in, then called his other homeless buddy up and he parked his crappy RV with his entire family living in it in the driveway.