If this is just an old lease written a long time ago by the current tenant and former owner it could be just vintage lease.The current cash flow doesn't work.

My rule; if you are that forthcoming, you are a terrific risk ... it is the ones that hide the truth that are the problems.If I do meet with a prospect face to face, I pay close attention to how new the automobile is, the jewelry, the toys, i.e. cell phone, and the clothes - are they designer clothes.NOTE: I once read more than 50 percent of people making less than poverty level wages own a smart phone.

Fridge is usually considered personal property here.Kitchen counters - I priced a pre-fab faux granite formica counter with end caps for under $150 at HD.

We bought a sixties vintage home as a live-in renovation project.

Vintage BiggerPockets lol.

You can get very good deals on these, and vastly improve the look of your place.Depending on budget, I might also recommend a nice window trim and a faux drop ceiling to boot.

Very common in India to have significant wealth tied up in gold jewelry.

All lower-end low-income rental market.While they are easy and quick to replace, I am wondering now if it's worth investing some more money in other types, like aluminum (at 5-10 times the cost) or, what I've read here, faux-wood.If you use vinyl, do you replace every damaged one for a new tenant or do you leave some minor damages in there?

There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

I always heard there are two things that you need to make a contract binding, 1 is a contract with the seller's and the buyer's name agreeing to the terms and 2 something of value, whether it's money, valuable jewelry, or something else.