I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

I have been looking at properties and it seemed like the seller s  based their price on zero percent cash flow for the buyer.

Will - I work with CSSI, the premier company providing engineering based cost segregation studies in the U.S. 

Are you both friends and have unique skill sets and are breaking up the duties of investing based on those skills?

They’re asset-based, meaning the loan is secured by the property itself, and they often have quicker approval times but higher interest rates (think 10–15%) and fees.

As the state capital, it boasts a strong government and military presence, supported by the nearby Air Force Base.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

I would only underwrite based on actual rents not proforma.

Here's a good breakdown of your options for tax collecting starting Feb 1 based on the new regulations.

My name is Greg Hutton, and I’m a REALTOR® and real estate investor based in Central Virginia.