There is a large piece that you didnt mention, the actual cost of the development.

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).

One piece of advice I would recommend if you want to go FHA is getting to understand the self sufficiency test for 3 and 4 unit buildings. https://www.newcastle.loans/mortgage-guide/fha-self-sufficie... 

Wear a mask and goggles and carefully remove the ceiling and double bag the pieces. 

I can help a lot I do this in Columbus Ohio and Miami Florida but as a service for now not purchasing them. if you are going to do larger deals look for the largest gap in entitlements, density, and asset value as a land driver. for example we found a piece of land in Columbus Ohio that was 55k and we just got an appraisal for 1 million based on the rezoning application that we did for mixed use commercial.

I got into it initially to eliminate having to integrate my bank with Quickbooks but rather have both of those pieces together in one place.

I'm more wondering what people are paying per piece for post cards vs. envelopes.

We do monthly maintenance on every single piece of equipment every month- whether it needs it or not. 

Having a solid insurance policy which covers your property being used as a short-term rental will be the other important piece to keep in mind.Hope this advice all helps - can't wait to hear how this project turns out for you!

Have done most due diligence items, but I'm stuck on two pieces that I'm not sure about.1.