I believe I’ve identified a good property and motivated seller.

Just to add my two cents, I think the most important aspect to be a successful investor, in any market, is to have an excellent team in place that will help cut your learning curve significantly, help you to quickly identify the prime areas to invest in that market and manage your properties effectively!  

Identify any deferred maintenance or repairs needed2.Review the legal aspects, including zoning, permits, property taxes, insurance, and any existing contracts or leases.

With those documents in hand, you likely have all the information needed to share with your insurer, to identify who would pay for each part of the necessary repairs on your claim.Hope that helps!  

The best thing you can do is to find an expert investment specialist agent / broker who can help you narrow down your search and help identify the best neighborhoods that you're looking to invest in to accomplish your goals. 

., if your realtor isn’t able to help you identify a good deal, work with @Adam Bartomeo so you don’t waste time. 

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

For first-timers, what normally causes the most heartburn is the rule that you have to formally identify what you want to buy within 45 days of your sale. 

Someone from the company should perform a site visit of the property to do a thorough analysis and ensure eligible components are identified accurately.Licensure and experience: The firm should have licensed tax specialists and engineers and this is recommended by the IRS.Experience with your specific type of property: Not every property is treated the same whether it be office buildings, self-storage, restaurants, gas stations, mobile home parks, residential properties, multi-family, or car washes.

You keep track of all of your real estate related transactions (date, amount, vendor name, purpose, property identifier) and then create a pivot table from this data to quickly create a rough Profit & Loss Statement.