I've closed some deals with wholesalers on 1 page contracts just the same as longer ones.As long as you have sufficient verbiage to allow for due diligence or option periods as well as the seller allowing proper access to the property for buyer final approval I think you should be fine.

LoopNet shows most So Cal multi units selling for around 100 times the gross monthly rent.I know that other markets have vastly different numbers, but people have to invest where they know the market.

Those can vastly swing how attractive a property is... here in Utah they run about 5% of GOI...

Yes, the vast majority were rejected, or countered too high to make a deal.But, on just a few occasions I was able to purchase a property far below asking price.The best one was an automotive repair facility I wanted.

If you have sufficient insurance what's the issue?

The issue with elected officials and sports types is that they are more prone to vandalism, sometimes attacks.Usually, for lesser expensive dwellings, a sufficient notice and disclaimer concening their belongings, etc. are not covered and if they desire coverage they must obtain tenants coverage.

Lokesh, it doesn't appear you have something to mess with here unless you and the seller can provide a long term option, at least 5 years more like 7 in a seperate option agreement and an annual lease sufficient to pay all expenses.

For bookkeeping wouldn't Quicken or Quick Books be sufficient?

Usually, NPs serve those who have difficulty in getting safe and affordable housing sufficient for the family size.

Getting it right can take a vast amount of time and corrections, and you can still have a mess.