An estoppel letter is vital prior to close.

You should also call to introduce yourself.You don't technically need to sign anything new with them, but if it would make you feel better to do so, you could sign a brief Lease Modification document with them.Congratulations on the new purchase! 

These are pretty high end finishes, new electrical, layout modifications that will typically include moving plumbing fixtures, etc. 

However, “substantially remodel” has a specific meaning, which is the replacement or substantial modification of any structural, electrical, plumbing or mechanical system that requires a permit, or the abatement of hazardous material, including lead, mold or asbestos that cannot be reasonably accomplished in a safe manner with the tenant in the unit and that requires the tenant to vacate for more than thirty days.

Some contractors will be more willing to share information than others and this is where your networking and people skills are so vital! 

To determine this, one must forecast the asset's income over a period of reasonable period, say five years.Cost review: Cost review is a vital part of due diligence to ensure project all project costs are considered.

I had worked with him for about 18 months, he was knowledgeable, reliable, did work for a fair price, and a vital piece of my RE team.

For maintenance team management, FieldAware allows technicians schedules to be prioritized and easily tracked with job "Start", "Pause", and "Completed" status reporting, and mobile GPS tracking.Currently, I use MRI X which seems to be specialized for apartment and community manage and allows for a lot of back-end modifications.

Unfortunately that is the challenge with buying Multi Family via Non Performing Notes - if the property was generating cash the borrower would have done a modification already.  

Thanks for all the kind words @Jay Raught and @Beverly Fast Sinclair and @Wayne Snell.In response to @Bob E. question about shadow inventory (I can't believe I missed this question that long ago), there is a ton of shadow deals out there.You still have 6 million loans underwater, along with 3-5 million loan modifications coming due that are starting to default with the loan's adjusting.