hi Noe,Thanks for replying as of right now they have 16 units rented and they are gonna finish the renovation in a month or so what they tell me is they will have 85% of the units rented with in that time frame they dont have a management company in place and i would have to get one  taxes are 15k and insurance is 12k  that is all i have on the numbers at the moment.

Call up realtors for investors, check Craigslist, tax sales, meetups and talk to people and look for investors.5.

@Jonathan JohnsonAsk for a copy of the trailing 12 numbers for the building.  2015 P&L and Tax Return if they will give.Find out about property taxes and insurance.  

Yes that equity would be great, but you would be missing out on most of the tax advantages that comes with the higher leverage.

With taxes, HOA's and insurance your bills would come to about $200/month.

I'm assuming, along with finding good deals, contractors are the next biggest burden.

When you have decided on yout for sure niche  you could get an attorney (tax accountant) or a CPA to help you with your business type.  

Ann arbor is too expensive and Ypsilanti taxes are high.

Because I'm planning on living in the property, would tax benefits am I subject to?

First, when are property taxes due?