Asking Price is 556k        Appraised Value "Sales comparison approach" 598k         Built in 2004Decent location in the middle of townAll units currently rented "Units leased are 1 year leases" Unit A Leased Dec 2018 $775Unit B Leased Sept 1 2018 $700Unit C Leased Nov 2018 $900Unit D Same renter for 3 years, month to month current rent $850, they are upping the rent to $900 in Feb 2019Unit E Leased Oct 2018 $900Unit F same renter for 2 years, month to month current rent $850, they are upping the rent to $900 in Feb 2019Unit G Leased in April 7 2018- March 31, 2019 $700 Unit H same renter for 3 years, month to month current rent $675, they are upping rent to $725 in Feb 2019Total current income = $6,350   After rent increase next month income will be $6500Expenses - Tax $817- Est.

So once we refinance the property it'll increase cash flow and receive all or the vast majority of the initial investment to then go and get another property to repeat the process? 

@Tania GhoseiIf you get involved in auction buys going after occupied foreclosures looking for the big score, you have to have deep pockets for contingencies like these.Your plan to get the eviction AND subsequent renovation AND showing AND closing done in a whirlwind two months with or without an attorney in a city like DC isn't particularly realistic.But this is how I would try: show up at the door and offer cash for keys.

Wanted to share an interesting graphic on where real estate prices are increasing the fastest!

I think that's due to increased public interest in your strategy and the strength of the DFW market lately.

Multi family on Albany Street went onto the market at 298k, had a bidding war and subsequently and accepted offer at 340k.

Yes you can increase your down payment.Yes you can put down more later and reamortize the loan via a mortgage recast.

Subsequently, how would I go about getting another property after that?  

Also we could offer amenities (pool, gym, etc) at a minimal cost to help justify an increase in rents.

I would just have to be 110% certain I could increase the cash flow per unit by that amount.