Analyzing a 25 unit apartment

[Amanda M Laird]

So Im working towards investing in my first multi-family property.  Ive listened to many podcasts for months, and have read a fair amount of books on the matter as well.  I know the next step is to start networking, and learning how to analyze property. 

A 25 unit apartment became available in my hometown, It sits on a river and is just a couple blocks from the beach.  I called the realtor and she gave me the pro forma on the property.

Its technically losing money, so would this be considered a good investment because there is a lot of room for improvement, or does it mean run for the hills and avoid this property?   

Not sure if this makes a difference but Im not afraid of a fixer upper, and don't mind putting in sweat equity where I can to save some money since it will be my first multi family property (maybe not this property, but some other one will be).

My question is this: 

1.  Are there any books, or websites you recommend that really break down and show you how to properly anaylze a property once you are given some numbers

2. Has anybody dealt with somebody selling a multi family complex that has tied in their personal expenses.  For example, this guy bought a house, and had his car listed as an expense.  How do you know what other expenses can be "taken out" of this equation?

Any tips or suggestions would be great!

[Avi Garg]

@Amanda M Laird 

Quick glance shows this may be a slam dunk property. Looks like the current owner ran his personal expenses through the property. New house purchase, Toyota car payment, meals (@$4k+), multiple repairs line items, $25k for electricity  etc ....