I'm extremely familiar with this area.Property: 3 unit, all 2 bed/1bath (1 of the 3 units is not allowed as rental due to zoning.

I see premium suburbs/areas get multiple offers everything else not so much. 

He's offered it to me on a lease-option agreement, with a "purchase price" of $1.2M, "down payment" of $200k and 5% interest only payments on the $1M debt.

Whatever is competitive with your close in competition in your marketplace, Or however you decide you want to offer the apartment to the class C renting public.Good Luck!

When CMHA says the rent offer is $1300 of which 300 is from the tenant that does NOT mean the total rent is 1600, its 1300.  

Hi Ayyoub Research is the key, Conduct thorough market research to understand why the competing property is listed at a lower rent, Consider any improvements or upgrades that could enhance the appeal of your property to potential tenants, If you're unable to match the lower rental rate of the competing property, consider other incentives to attract tenants, such as offering a shorter lease term, including utilities in the rent, or providing additional amenities.Hope it helps.

I definitely do not want to be part of any relationship you are offering. 

Ultimately, the best approach depends on factors like the size and complexity of your operation, your comfort level with HR tasks, and the services offered by the property management company.

I like starting in the Midwest because it's affordable and offers good cash flow.

It offers a host of vocational and trade schooling opportunities, and is very connected with the Public School system in the communities.