Forgot to add that this property looks to need very few repairs needs carpet torn up and replaced.

You have tone careful not to bill back more than what charges you incur in utility expense.  

Don't forget you're going to need reserves for this purchase as well..... so take that into account.

You're going to need to evaluate them on the basis of their own employment base and anything else that attracts people.

Hi Lynn, You are going to need some degree of downpayment unless you are a veteran and have VA eligibility.

Hello all,I am currently looking at a property that doesn't seem to need too much work.

You need to make sure to know how much in capital improvements you're going to need to make to the building.

Gerringhoff just east of town will be hiring about 300 more people very soon, and all of those people are going to need a place to live! 

your getting the cart before the horse... if your goal is to build this out.. and you at the end of the day are going to need your local bank to fund said construction.your next step and first step should be to sit down with your personal banker ( all high rollers have these LOL).. and talk through the stratigies and they will dictate what they will or will not do... once you know what your lender is going to do then you structure the deal.I suspect it will be a very short conversation with your bank saying they only do first position loans ..

Screening them and seeing how well they turn out in the early stages will hopefully set the tone for a long term return on your investment.