@Teekap Pate, I agree with most of what the others have responded.

Because I agree I want to keep annual costs down.

and I cannot agree more that BRRRR works extremely well with multifamily real estate most of the time, when you start buying distressed multifamily buildings with 10+ units, especially with a discounted price, that is when you truly start making money with BRRRR!

@Jonathan Taylor yea I agree this deal will not work and I will end up passing on it.

I’ll be sure to get the survey over to you shortly.I completely agree—it’s always best to approach a deal with a clear offer in hand and come to the table with something rather than nothing.Some people have advised against tying up a wholesale deal first and then scrambling to find the right buyer.

It can be a simple one page contract b/w you too at an agreed upon rate.

First, you do have a contract, the spreadsheet which you both shared, agreed to, performed work and received payments under, etc. - that IS a contract.

@Bob Avery - agree on the need and real impact of offering to section 8 voucher holders - an aspect of the business we don't hear folks discussing very often. 

It can be hand written with the terms that both parties are agreeing to.

I agree.