You haven't even closed yet so how can you assess its future performance as profitable or not.

Don't internet shop for that. 

For example, we have a multifamily deal in the boroughs where the contract rider specifically states if the owner cannot deliver the property by X date, the purchaser can back out with their deposit.If you have some flexibility on the contract, you could continue shopping active deals as backups.

Do you perform regular preventative maintenance to avoid emergencies or are you more reactive?

Right on the bank statement you could see the following:- Federal & state tax refund deposits of $12k- Purchase at a care tire shop, assuming new tires for her car.

Discuss COC return, run a financial analysis for him and a performance chart showing the ROR after multiple properties have been acquired and cashed-out... good luck.

In our market, you can self manage, with all the associated work, and out perform the LTR income.  

Have you performed an amortization analysis to see when your net earnings after depreciation starts to become positive?

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Give it a try for two consecutive projects and see how you perform by project 3..... you will be surprised how such a small tweak to your budget can impact the overall project performance.