Some market selection guidelines for you that have served many people well over the years...- Population north of half a million (or if smaller cities roll them all up into one target "market")- Prices at or below median value for the area- Equity north of 35-40% (anything less and there isn't really enough room to sell at a discount)There are a zillion ways to win in this game, it's just a question of what works for you. 

Thus, remote control gets easier.1Total vacant rooms822Total occupied rooms1473Customers1474Total rooms at facility22956Total unique customers13478Total customers w/ email addresses on file1139Percentage of total customers w/ email addresses on file 84.33%1011Total facility rentable square feet36,700 SqFt12Total occupied square feet23,100 SqFt13Percentage of rooms occupied 64.19%14Percentage of square feet occupied 62.94%1516Number of rooms on auto payment11917Percentage of rooms on auto payment 80.95%18Credit Cards10519eChecks142021Cash2.44 %22Check10.12 %23Credit/Debit Card87.45 %24Corporate0.00%25Money Order0.00%2627Number of rooms covered by SafeStor4028Percentage of rooms covered by SafeStor 27.21%29Number of rooms with 100% burglary coverage403031Potential rent per square foot$0.6632Potential monthly rent$24,165.0133Monthly income at current occupancy rate$14,625.0134Monthly income lost from unrented rooms$9,540.00

.- Complete rental license required fixes (if necessary).Leasing:- Create rental policies document, and application document- Create Lease document- Take pictures- Place ads on craigslist and on Zillow- Book showings- Take applications- Screen applicants- Select applicant- sign leases, take deposit- Move-in walk through checklist- Take the family out for diner to celebrate!

My niche was looking for areas that were run down but getting ready to gentrify (or so I thought, sometimes it's just a guess or gut feeling :-)Drive around the areas you have selected as possible money-makers and then drive, drive, drive.

It lets you walk through a property on a mobile device, select areas that need work, and then input the cost and send out the contracts to your contractors.

This process also requires you to select what property the receipt is for, what bank or CC you used and what account it should charge this expense to.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I think your first step is to take a deeper dive into multifamily education and learn how to select a market, underwrite a deal, manage the asset and finance the property.  

If the tenants are bad, they may end up costing you much more than you made with the immediately income.Preference is to buy vacant so you can get the unit in shape, select your own tenants, and then get market rates for the property with (hopefully) fewer losses in the future.