Its looks like concrete block construction, needs new kitchen and bathroom, some doors and windows.

That means everything...drywall, flooring, kitchen, bathroom.

., NORTH SYRACUSE, NY PARK LANE APARTMENTS 16 ONE BEDROOM APARTMENTS 32 TWO BEDROOM APARTMENTS RENT INCLUDES HEAT AND HOT WATER LAUNDRY ROOMS – 8 NORTH COLONY TOWN HOUSES 20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS BASEMENTS WITH WASHER/DRYER HOOK-UPS TENANTS PAY ALL UNTILITIES WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY) CONDITION OF PROPERTY: PARK LANE: ROOFS NEED TO BE REPLACED WINDOWS NEED TO BE REPLACED NEW BOILERS WERE INSTALLED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE NORTH COLONY: ROOF WAS REPLACED IN 2009 WINDOWS WERE REPLACED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING FINANCIALS: OFFEERING PRICE $3,200,000 REPAIR INVESTMENT FROM SELLER $200,000 -SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS PROFORMA P&L - MONTHLY RENTS @ 100% $44,000 LAUNDRY COINS $1,100 MONTHLY INCOME $45,100 EXPENSES MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721 PROPERTY TAXES 9,700 PROPERTY INSURANCE 1,600 ELECTRIC & GAS (2013 ACTUALS) 1,700 WATER (2013 ACTUALS) 1,300 VACANCY ALLOWANCE – 8% 3,550 ALLOWANCE FOR MAINTENANCE 2,500 ($36,071) NET MONTHLY CASH FLOW $9,029 17% RETURN ON INVESTMENT OF $640,000 A few things to note.

It's also not a business for people with little to no capital.Maintenance and watching your expenses are a part of the game.Successful landlords have systems in place to deal with problems that come up and they SCREEN tough as your tenant is essentially your business partner.Another thing, you make your money when you buy correctly... applies even to landlording... certain areas and price points will attract certain tenant quality.

As others say... screening is essential.

short sales DO take forever but its one of those things that once you get it done, you move on and work on more deals, then when the check comes in, its like a nice surprise bonus :)but you essentially run your scenario by the agent (find someone who specializes in short sales though) then the agent should be able to direct you from there.  

However, RBC will also write a residential mortgage and 5 & 6 unit properties under a certain value (essentially those properties generally deemed to small to be worth the while of their commercial department ... here that value appears to be 600 - 700K, it could be more on the left coast).  

You essentially are leveraging their experience to grow and learn the business so you can someday run your own syndications.

Haven't seen interior yet except peering thru windows but estimating about $35,000 to uncover and refinish hardwood floors, replace some windows, paint everything inside, lite kitchen updates, some new appliances, and light bathroom updates...budgeting to replace one boiler immediately.It's up/down 3 bed 1 bath on each floor, would rent for about $1400 per side in as/is condition, but could fetch 1750 per side if updated.  

5.She is trying to get $50,000 total to try to fix up the reno project plus pay for the expensive repairs on the other properties.6.She would also like to refinance the other properties which may be under commercial loans but deeds are in trust.One is over 12% and others I believe are over 8%.7.Her personal property has a mortgage for $130,000 and is showing about that value on auditors website + corelogic/Zillow.However, they completed gutted and rehabbed their house many moons ago and turned it from a 3 bedroom 2 bathroom church house into 5/6 bedroom 4.5 bath house.I believe theres plenty of equity to be found here but she’s afraid if she gets an appraisal for HELOC either she will waste money and it will come out to what the internet says or the county will reappraise the house and raise her taxes significantly which she can’t afford right now.8.She has a promissory note from a lawyer my stepdad lent $50,000 to some time ago.The note was due for $83,000 balloon in 2011 but he has only paid $5,000 on it.I don’t know the full details of this but she is supposed to send me a copy.Thanks for any help...this is pretty complicated, especially since I don't have the paperword to really lay down the exact details.