The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

I analyze intensely the ARV price points in my target markets for at least 9 months before I buy. 

You start with a purchase and sale agreement and reduce everything to writing.

However, it’s important to account for depreciation recapture at the time of sale, which can affect your overall tax liability.

Based on the quality of this particular home, my rent estimate may be low.Note: you have to consider other factors.

There's no point in having a rule if you don't know how to enforce it.Example:Requirement to Maintain Renters Insurance:The Tenant acknowledges that the Landlord’s insurance does not cover the Tenant’s personal belongings, injuries, or other losses.

@Zach Howard there is no agreed upon Classification in the 1-4 unit market.We've done our best to logically create a system for our market, mostly based upon relative sale prices, but also using crime rates, rents, occupant income and a few other variables. 

However I just realized there was a mistake in one of the tenants' lease! 

Expense ratio, as others have stated, often ends up evening out these fluctuations in each expense and can often times be a more accurate predictor over many data points.

I will have to go over everything of what I want to do, and then have a talk with her to see if her goals align with mine.