It can be a big undertaking, although there can be profit in it IF the numbers are right and IF you have done your homework to know what you are getting into (both big “IFs”).

6) do you have the team in place ready to undertake the property you're buying?

I've managed and now own my parents properties so about 60 of rental business in the family, my mother worked for a district Judge,,, his advice to her early on in their rental business was do month to month terms,, so for 60 yrs that's what's it's been,,, longest tenant was 16 years,, average is 2 1/2 years if single and young,, 6-7 years if single and over 45.. it seems,, I only rent single occupancy,, and it seems that's been the about average,, I write up rental agreement say I will keep rent rate the same for 12 month,, if they move out before 6 months they owe a redecorating fee of $250.00  It's worked for us but we had smaller buildings.. 5plex, 6plex, 4 plex.. all 1brs.. 

It would be the largest undertaking thus far and that is why I am somewhat hesitant.  

I have a plumber coming today to assess things and make recommendations but I have the feeling this will not be a small undertaking. 

A corporation for profit or not-for-profit, a partnership, a limited liability company, a business or statutory trust, an entity or two or more persons associated in a common enterprise or undertaking. so that section does apply, from what i m reading but i am not an attorney, and will check that just for my own knowledge.

 This is a VERY risky undertaking you're considering.

lolYes it is a hugh debt to undertake.

But even if the seller asks to pass that along to me, I'd be happy to pay that price to rest easy knowing that I didn't undertake my first real estate transaction totally blindly and with no training.  

I worked as a personal assistant in a previous life so I'm experienced to undertake a variety of duties.