@Aus Smith if there is base rent and then an extra fee the resident pays for a common utility, we count that as revenue towards a percentage-based management fee. 

Immediately before closing the sale dissolve the LLC and distribute the property to the former members so they are all tenants in common. 

Not always, but very common. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

The kitchen looks extremely small from the pictures.

This is fairly common in college towns so I'd recommend verifying that before going off on a buying spree.

The one thing most all of them have in common is they take longer than they say lol.

This forum has been extremely helpful.Hey Pat, regarding your docs for buying: 1.

However, dealing with the seller is a bit of a mess - she is extremely pushy and want me to place a $50k earnest money deposit ASAP.

The last thing you want is for them just run venting across the ceiling and you see it (as an extreme example)I think you could split it or just say if that's what they want then they would have to pay for it.

These are all common pitfalls I see people when doing flips, BRRRRS or even multifamily.