A DSCR of 1.25 or higher is usually required.Property Appraisal: A professional appraisal to determine the property's value and income potential.Business Plan: Lenders may require a detailed business plan outlining your strategy for managing and profiting from the property.Experience: Demonstrating your experience with smaller multifamily properties can be beneficial.

That should give you a clue.For more details, read this and this.

The price of the option, paid for by the potential purchaser of the property, is agreed upon and set and is non-refundable.Some sellers MIGHT credit the cost of the option back to the buyer of the property upon closing, but any details of the option may NOT refer to any lease.Why? 

FYI, obviously I get MUCH more detailed than this example.

Everyone starts somewhere, and you're at a good start in that you have a big picture of the steps, but there may be a few detailed steps in between that would make it complete.Areas where there is clear transformations are great areas for finding deals. 

Don’t leave anything to chance—guide the visitor to do what you want, which is to click YOUR ad and leave their details on YOUR SITE.

Also check for complaints against the lender.Also get a detailed statement from the lender of all closing costs, fees, charges, etc., etc., well before closing.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

I am looking for the agreement that states the terms of payment and details of communications to ensure I am getting paid and the person told me that is based on verbal communications of trust between the two.

@Jamaal SmithIn Florida, the property appraiser provides a detailed mailing showing all taxes for last year, as well as the proposed taxes for the current year with any increases, as well as a column if the increases aren't approved (or something like that.)I think I missed the fact that you say this was a $600 increase per MONTH!