I will do my best to summarize this as much as possible in an understandable format. :)BackgroundWe own a unit in a 16 unit cooperative (coop) building in Clearwater, FL.  

I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

He probably just added everything up in a very summarized format and then came to the lump sum number, same way we would estimate expenses when analyzing a deal but I would expect a lot more detail from a contractor.

Where I would summarize your place right now is just swinging the door open to a universe you only thought had one planet.  

Of course, it looks like there is no real cash flow, but just the amount that you can deduct from your own outgoings.So to summarize, even if your figures are right, you'd be out of pocket something like $465/m instead of $900/m that your other tenants are paying.But if your figures aren't conservative enough, you could be out of pocket as much as your renters.Do you have any figures regarding your purchase price vs comparable ARV's? 

He hit on a lot of points that we have all mentioned, but I've never seen it summarized quite as well.  

Form 1096, which summarizes the totals for all 1099's, must be provided to the IRS no later than March 31.

Collecting my thoughts based on your responses, I'm in a position to summarize my requirements better now:# of Units:     5 units or more Multi-Family propertyBudget:        $350kCondition:    Could need rehab or have very good operating cashflow numbersLocation:      Anywhere in the USI'd be happy to hear back from Wholesalers, Property Owners and anyone who has or knows someone who has a deal. 

If you read that 100 pages of crap, it can be summarized as "I'm going to do x, y, z, a, b, and c, or pay you off in full."

For what it's worth, here's the link I found summarizing the code:https://www.cga.ct.gov/current/pub/chap_830.htmIt's a lot of individual sections, but there's no specific disclosure document.Thanks,Robert.