@Joseph Ret - you should account for Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%) - that is lost rent during vacant period (while you still have to pay mortgage for the property and other expenses).You should also account for Make ready - the costs associated with making the unit ready for new tenants again, and that depends on the status of the property and how the old tenants leave and how good are you at Make Ready operations.You should also account for Mileage (and time, for driving to the property for make ready and showings), Advertising, Concessions (any free rent, work allowance or other lease concessions to be provided for the space and term in question - a temporary financial incentive used to induce the signing of a lease.

I see a 28 unit on the market right now advertised at a 5.7% cap rate and a 90 unit advertised at a 6.4% cap rate.

Both homes were found on Redfin but I want to purchase cheaper priced homes than what are advertised on there.Real estate to me seems very fun and interesting and something I feel like i can survive doing.

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or loose money in any market.

If they do not I would just concentrate on frugality and try to advertise some sort of seller financing for the house. 

There are a multitude of reasons plus the advertised sales price is not always the price an asset actually gets sold at. 

@Kevin Lefeuvre although we are in the Pittsburgh PA region of the US, I dont know if the advertising or marketing changes all that much from area to area.

I am not sure if I am allowed to advertise Brokerages in the forum posts, so feel free to PM me and I will point you towards mortgage bankers in Charlotte who will do this for you.

@Rinee John de Leon Apparently for advertising outside marketplace?

Is it possible to advertise the property as “an opportunity to build a new waterfront home”?