Also, saying that you need to get the concrete done anyway and don't have that kind of cash on hand leads me to believe you might want to think about getting some stronger cash reserves or your own lines of financing before proceeding; I've got credit cards with credit limits double that, where I could self-finance those kinds of repairs if necessary, but that's not a big enough hit that I'd have to worry about taking out loans on paid-for houses. 

$100 Vacancy $87 Property Mgmt $87 Total $574 $86/month owner financed loan Monthly cash flow $215 CoC 7% with management/ 10.6% self-managedRefi $34k leaving 20% in ($7k), CoC jumps to 33%, $28,000 back outThoughts?

Appfolio is telling me I can use the program for self-storage as well as apartments.

If you can find a private lender who has a self directed IRA ,for instance, they may be very excited to have a long term loan.

Also take a look at this link which contains the redevelopment plans in Asbury:http://www.cityofasburypark.com/topic/index.php?

Oh yeah, if you're buying below market value they don't care.I've self closed 7 SF properties while having a nice coffee by the fire with the sellers at my bank.

Of course, if there's any other reason to reject the application, there you go. 

If you decide to apply the requirement as a one off OR different requirements for different properties OR worst, different requirements to different applicants for the same property, then you are asking for trouble.

I also am working on single family buy/hold purchases in Indy currently.Setting my goal for apartment purchase this year as well, either by self or syndication and partnership.

Are you qualified to screen the applicants?