Like in RE where location, location, location is key, in a good partnership communication, communication, communication is key.

My realtor told me this one a day after we first talked, so I'm a little overwhelmed and wondering what questions I should be asking.Numbers are $165k 2br2ba in a pretty good location of Central Texas, currently rents for $1700 (1% rule) "it needs some work or can keep the tenant.

It is in a great location which has kept vacancy super low in the past 9 years we have rented it. 

I am single and can go to a location where good deals are to be had.

I am located in Connecticut were the two big cities are New Haven and Hartford.

-the crime in the pocket where the townhomes are located is relatively low, since this Pocket was close to onion creek park and some nice quiet neighborhoods exist.

Thank you for your extensive explanation of holding costs in addition to rehab costs.

There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holdingI see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota.

If somebody spent $2 or $3 mil to put up some really nice new apartments someplace, then they clearly selected that location using specific parameters. 

The location is great and the apartment would be a great first house hack for me, which bring me to my question.