@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

NYTimes asks has home buying and how home buyers look at buying fundamentally changed?  

This is fundamentally dishonest.

It's creative and very lucrative once you master the fundamentals, The main thing you need is expertise.

He then let me know that no obvious sources of a leak are known of in the home and no evidence of leaking is happening, but the high water bill is an indicator of a leak somewhere.This brought up a fundamental question that I wanted to put out to you and learn from you on:  if the tenant pays the water bill (it is in their name with the city) and there is  SUSPICION of a leak, who's responsibility is it confirm (and pay the fees that would be associated with confirming and/or finding the leak)?

These are fundamental concepts that are explained in David's book and I think you could benefit from before jumping in.

Overall solid fundamental book. 

However, especially for assignments, I would discourage you to make any moves as the condo market 1- has had an incredible run which in a lot of people's opinion is not backed by any fundamentals and 2- the amount of supply that's going to be available in 2022-2024 is incredible and WILL have a downward pressure on rents/valuation.

I think I would back up a second and look at some more basic fundamental things before you try to figure those things out.

(do this step anyways, deal finding is fundamental)2.