These are ideas that are common to many business pursuits. 

I've most commonly seen a few main avenues to approach these types of deals (in a correct and fair manner), all depending on the circumstances of the deal.I think you're mainly asking about acquiring the property, because once you have a property, then you just execute one of your exit strategies depending on the circumstance--- All cash deal, purchased at the amount owed, then exit strategy.- Just make up the back payments due to bring the loan current, and take over the property Subject-To or lease option/purchase, then exit strategy.Either way, the owner has to move out. 

Vacants are actually vacant, common areas, turn over quality, matching expenses with whats actually done, capital improvements etc.

Its an interesting trend the Rubs programs in multifamily is including more and more  Trash, Water, common area energy, vacancy recovery. 

(Sure, I'm the common factor and may need to revise my letters or discussions.

Originally posted by @Jerry Thompson:...Tenant Turnover Cost = $160.00 moRent For Area:$1,100.00...I assume the this "Tenant Turnover Cost" is what we more commonly term "vacancy" (and not something you are getting from a bakery :) ).

FYI I live in Royal Oak, MI I fat fingered my zip code and it won't let me make a change

There is a lot of information on the new apartment developments and the general consensus is that there may be an inevitable saturation point now or in the near future, at least in the university area but perhaps city-wide:New and planned apartment construction puts pressure on older unitsBaton Rouge multifamily market becoming overbuiltBaton Rouge student housing boom not expected to lastIn this type of environment which is probably common in many college areas and even non-college areas, with a large number of available units and the potential of acquiring a less flashy property, is there much of a future in investing in that type of smaller multi-family property?

That is not common.

Which is one of the most common answers you will hear.