Now you’re buying a 300-unit property. Your breakeven is 230 units. If you are buying it at 65 percent then you have 200 units occupied. You must now lease up 30 units. You must figure out how many units you can lease up each month. Let’s say that number works out to be five. If you need 30 units rented, it’s going to take you a minimum of six months to get there (30 divided by 5). Now add on how long it will take you to do the repairs and change the perception. Finally, add a couple of more months. (How often do things go perfectly?) You need six months to lease up, three months to do repairs, and a fudge factor of three months. That’s a whole year before you get to break even. The question is, do you have enough money to cover expenses for that year until you get there?