I just want to ensure that we request enough data from the seller that we are able to make an informed decision based on historical property data and not completely on assumption.

So, on that assumption, your rent should be closer to 1600+.2.

Setup time to speak to a few of them to learn more about their model and get a feel for how they answer your questions, how they treat you during the call.Be prepared to share your net worth, income, and investment history with them if you want move forward.For the ones you like (after speaking with them), maybe have them send you example investor communications on prior deals so you can see how they communicate to keep investors informed.Once you've narrowed it down you'll want to further evaluate the sponsor Track record, references, etc.Have them present a past deal in detail to try to understand their assumptions, are they conservative, etc.You can use the BP Tenant Screening tool to get criminal and credit history.

@Thomas S.I was under the assumption that the grace period didn't include any late fee's. 

A question I have is if it is a relative safe assumption or general rule of thumb, used in a quick analysis scenario, that if a property has a Certificate of Compliance with the City that the MEP has been inspected and is up to code.

So if you have like $80k in debt and $140k in equity, you can use the equity to put down payments on two ~$100k props and even buy a third outright if you'd prefer not to be completely leveraged (you'd still end up with more debt than you currently have, maybe $160k instead of my $80k assumption).

If I’m making any idiotic assumptions please call me out. 1.Sell our current house for 550k (purchase price 325K) lose 50k to 75k to fees and taxes and start with a down payment of around 200k. 2.Purchase a multifamily unit with the with the sale earnings from our first place.

Is the buyer going to get a new mortgage or do an assumption of mortgage?

Since inside condition is unknown you need to make assumptions of repair cost.

I would love to make 10%, my assumption is this is for smaller single family 1-10 unit portfolios.