I'm sure prices have changed quite a bit, but I know a Phase 1 was fairly inexpensive because it's just a basic review to see if they need to dig further...anywhere from $1,000 to $3,000. 

This tells me I'll get fairly quick equity build without anything out of pocket (someone else is taking my $120K loan for me an paying it down).  

The price sellers want to sell is retail but you must only buy wholesale as I call it. 3,400,000 according to the numbers by seller is a fair price but when you've showed the other numbers as in 21k NOI them the price went down to 611k purchase price as I divided the NOI by the area cap rate.

It sounds like the properties themselves are not great cash flow opportunities and the returns would be fairly minimal.

Banks will usually leverage these assets and set them up with a line of credit at a fairly low interest rate for 60-70% of the value of those assets.

I am fairly new to investing and would like to partner up with someone who has been in the business for a while and can show me the ropes and can get my feet wet. 

You could also CLEP out of some courses fairly easily or get computer certifications fairly easily using brain dump software.  

;-)It's good to hear you have a fairly clear investment strategy laid out.  

This property  was pretty much a turn key buy, as it is a fairly new building and nothing is wrong with anything in it.  

Its not fair for the people thats working their asses off and getting turned down for a damn rental.