Eliminate the inexperience and find a real estate attorney who drafts these in his sleep. 

Rates were TOO low last year when hard money was going out around 7-8%, that was the mistake of the wall street money coming into the industry and underpricing things due to their inexperience with hard money. 

Phil reality check.Your commentary on the situation shows inexperience.

UPDATE:Though I ended up backing out of the deal above (primarily due to my inexperience in having the proper proforma parameters and the question of whether the property could attain said rent...which made me basically have a nervous breakdown!)

I do know there are tons of inexperience investors now with very high failure rates.

Does anyone have any pertinent "words of wisdom" for me based in experience?

The accumulated years of experience in the building is only dwarfed by the years of inexperience.

It is sometimes the maintenance on the buildings, but it is usually the way the leases are written, enforced, and the inexperience of the property owner in making decisions. 

Since buyer and seller may be not be professionally involved in real estate, there may be more quality issues and negotiation volatility than with realtors due to their inexperience and emotions getting more involved with the direct negotiations.As to the price, you may find off market deals that are lower than market or higher.

Anyways, I have a property that I want to put an offer on but am anxious about the numbers due to my inexperience and was hoping the community could give me some advice!