Rule of thumb for accounting, bookkeeping, reporting ..Loans are Liability (Balance Sheet)Purchase of property (Balance Sheet) - watch out for expenses that can be deducted for rental properties ( that is why you need to speak to an accountant)Sale of property (Profit & Loss)Transfer all money from Balance Sheet to Profit & LossFollow the HUD to double check the balances and make adjustmentsMoney Spend:FlipRehab (Balance Sheet)RentalMaintain properties (Profit & Loss)Capital Improvements (Balance Sheet)Of course there are more steps - this are very basic. As

In that quantification, he will be calculating his return, even if basic as Net Profit/Total Investment.

Hi John,Have you thought about 2 separate systems made up of non-fancy basic equipment.2 Basic furnaces,  2 basic A/C's, 2 basic thermostats.Also have you thought about separate electric meters, water meters (and water heaters) and gas meters--that's a nice setup.Does your zoning allow this (meaning is it zoned for a duplex or are you (flying under the radar))Because pulling permits for non-zoned stuff (???)

I would just tell him to take a hike if it did not pass and had to be redone.. worrying about him or her suing me is last on my list.Flat work like this is about as basic as it comes..

It could be something as basic as "I work the xyz area, and know that area like the back of my hand" If any potential mentors are interested in acquiring properties in that area, you would peak their interest.Just my two cents.....

Their needs are pretty basic, a place to go after work to drink beer, cook, do laundry, shower, sleep. 

I love the term back to basics, this is a real basic.  A

I tried to keep it as basic as possible.

It seems pretty basic as to how to do the deals.In my opinion the only two obstacles would be 1.

It may be very basic as you are starting.