First of all, it doesn't even meet the 1% rule (rents = 1% of the All-In price).

I'm going to practice analyzing deals based on the 70% rule for flippers.TLDR, my goals.1.

Hey BPIt seem like an eternity ago I did this for my first primary home.After a break up with the GF, the plans to buy multi family have come to a halt and I need to move out.I'm looking mostly at co-ops and condos that need 20% down.I'm going to borrow 50% from my 401k.

I would be funding the deal, and splitting cash flow 50%, while the other end is acquiring the deal, and handling the management, maintenance, and keeping it occupied. 

I personally would dedicate roughly $50 per door or 5% (whichever is higher) to CapEx unless the building has gone through a complete remodel recently.

Just over the 1% rule.

Or are there rules and policies against renting new construction?

My involvement would become worthless.If the investor stays off the note but gets 6% + 50/50 of the remaining profits than it would be fair. 

If you do want to get involved in some calculations you could try to figure out the time value of money against its current net worth with the income the home is generating.Or ignoring the complex math problems, a good rule of thumb is if you can make 10X the yearly cash flow when selling, consider offloading the property and investing in another.Cheers! 

I would be funding the deal, and splitting cash flow 50%, while the other end is acquiring the deal, and handling the management, maintenance, and keeping it occupied.