I note that you asked specifically about “cash-flows”, which has multiple components each treated differently for tax purposes.In general, you can start with NOI, next you have debt service and cap ex, which can get you to cash-flows.The interest portion of your debt service is tax deductible (possible subject to limitations) and the principal portion is not because you get basis in the asset for the loan principal, which generates a depreciation deduction.Similarly, cap ex is generally not deductible currently but the expenditure is capitalized and depreciated, similar to the initial basis in the asset.In summary, you have cash and non-cash tax items that cause your taxable income to differ from your cash-flows and taxable income * tax rate determines your tax liability.

What we had to do was to look for deals that were not your plain jane deals. 110 units has a HOA component of 38 condos, big institutions don't like and Agency debt is not an option.

The rule is that your purchase price should be allocated between land and building in the same ratio as the value of each component bears to the value of the property as a whole.So let's say the property is worth $100,000 with $60,000 of the value attributable to land and $40,000 attributable to building (you can use any reasonable method to determine this; one easy way used by many is the assessor's split, though there are other methods that could yield a better answer for you).You buy the property  at a huge discount for $10,000

Yeah deal with this unexpected event after closing and find your own tenant.

Get copies of leases to make sure you're not walking into something unexpected.

Depends on Age and condition of the property, and quality of tenants.CapEx (10%) Until I have the property inspected to determine the current condition of all major components and appliances.  

The main component is that it has to be propotional. 

When projecting expenses always add a factor to account for unexpected expenses.

With wholesaling you have to master more components.

and I fix it myself myself.I only recommend this for people who have the time to do it, are handy, and are not afraid of the possibility that a defective light switch could result in adopting a kitten or checking a fence for evil paper wasps could obligate a sibling to adopting a evil Malaysian Tokay Gecko that was not evil enough to deserve death from an unusually cold Florida winter.Being a landlord has had a few completely unexpected consequences lol.