We needed a permit and to be registered to remit room taxes (the name of the permit eludes me at the moment) and we also needed a health inspection and permit from the Health Department.

jordan, you beat me at my first year.i sold my first only rental a single wide trailer on own land feb 2017 which only paid loan earned $ 7k, profit on depreciating asset, all while living down street in foreclosure i bought earlier, zero down, since it had 2 "homes" on 15 acres  i had it surveyed with new deed and subdivided  the 3 acre back lot camp barns, then went credit union put debt consolidation note on camp since owned outright, no appraisal or inspection needed,  cleared ratios to refinance the bigger nicer one home, used that money cash out to help me buy a 3 unit, financed fix up money, then moved into 3 unit, rented primary home, rented 2 other units, then with 3 rental units income qualified just bought 3 b1 b house to rinse and repeat now in process to refinance my fixed up 3 unit. now i just incorporated after joining bp, thats all in last 15 months. now if i can get enough cash out refi on my 3 unit im praying for good appraisals to buy reo down street to rinse rehab and repeat and im still not sure im doing it right. im still using banks or credit unions. love find investor to simplify process and reduce paperwork.i tried listing my camp on air bnb but no one wants rent off grid river front home. lol.now got hire crew and management. 

They sell the properties to an investor (me) at 50-70% AVR.

This is a sale-lease-back meaning that the current owner is selling the property and agreeing to lease it back to me at a 7.75% capitalization rate. 

I am expecting it will cash flow me at least $500 if not more.

Please contact me at your soonest convenience so we can discuss."

They had a one page sheet to explain there profit lossEverything they told me at this point has not been verified.They take in $124,320yr.They pay 11821 school tax6500 village tax3000 town county tax5000 insurance 3770 for landlord electric and hot water for the whole building2500 for heat and electric for the rooms for rent 1700 for the cleaning of the shared space and bathrooms for the rented rooms (2 shared baths and hallways for rented rooms)375 snow plows500 general maintenance 320 lawn care4300 for village water and sewer. 

Feel free to reach out to me at any time if you have any questions

Look for a deal with more meat on the bone.

Unfortunately, you're playing his game by continuing the conversation.This happens to me at least once a year.