Again, thanks for your help, Jim, and I will be writing another post soon with a more in depth analysis of the numbers I have calculated for the property.

However, if you are looking to make money, then cash flow is king.A more in-depth analysis (below) shows the monthly cash flow to be about -800.00 per month.

I've never heard of that before (although I am unfamiliar with the whole process and I don't think I've heard anyone go that in depth on cash for keys on the podcast).

I don't want to sound like an idiot when I start talking more in-depth with our banker, so I thought I'd ask a few of my newbie questions here.Thanks in advance for any advice you can offer!

Speak with an attorney for more in depth protection and legal advise. 

Now the real mystery is which contractor pooped in a bag and threw it into the deepest depths of our crawlspace?

But always be sure to analyze every deal in depth, with all costs.

Funnily enough, ANOTHER group of Buyers (read: gamblers) have been doing VERY well out of those two markets, even though they usually do have to keep feeding those properties. 

Otherwise I stay away and let the gamblers have at it.  

Looking to get educated in the multifamily area, reading a book by Berges now, but looking for something more in depth.