While a few thousand in legal bills and fines allowed me to avoid having that appear on my record as a criminal conviction, it was a rather unpleasant experience and I lost a lot of sleep those weeks.       

They're not expensive and will let you sleep better. 

If you're using a Realtor for a simple transaction, the Realtor with form contracts might be sufficient. 

I think that we have sufficiently addressed that the price is too high for this property and that this one is dead in the water unless the seller will come down about $100K.

Unfortunately, that means I don't sell every job since my recommendation is often to walk away from a deal that has been misrepresented, but I sleep well at night... hahaLet me know if you don't connect with anyone.

Hey Tate, here's what my commercial lender @ US Bank uses for pro forma debt coverage calculations if he doesn't have 2 years and YTD historical data (basically, seller's schedule E's)Vacancy: 10% of gross rents, unless there is sufficient market data at the bank's disposal to justify lower vacancy rates for the type of asset in question, OR detailed historical vacancy data from seller.Management: 3% gross rents or actuals, whichever is higher, with property management agreement provided to close.Cash Reserves: 3% of gross rentsTaxes: Actual data used.Insurance: 3% of gross rents, or as shown by insurance policy.Operating reserve: 20% - 25% depending on the type of asset and amount of historical data provided.

@Dave Foster Yes I was up late last night, couldn't sleep, excited about finalizing my latest 1031.

They are self sufficient, but do not pay me.

The only measure is whether you can sleep at night.  

And they can detect something we give off in our sleep, pretty sure that is what I learned.