One of the hurdles is the doors and windows...they will have to be identical to the original, which means made of wood and sometimes even single-paned.

However, if they have not even made a partial payment or communicated & verified an issue with me by about the 21st, I will issue the "pay or quit" notice.

.- Trust but VERIFY everything on the buy side.

Most states allow for what are called "'Occupancy checks" Of course you should verify this and then post a Notice on the door stating something similar to the following:"PLEASE BE ADVISED THAT ON ------- 2024, THE OWNER OR THE OWNER'S AGENT WILL CONDUCT AN OCCUPANCY CHECK TO DETERMINE IF THE DWELLING IS CURRENTLY OCCUPIED OR VACANT.

If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.Here’s our OPINION for the Metro Detroit market (always verify each area for yourself!)

You can only use price per sf on nearly identical properties.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

TRUST but VERIFY..

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

If the properties are for sale, they have a price.Regarding buying rental with S8 tenants in place, you need to verify the following so you don't get scammed:1) Rent amount2) S8 / Tenant split of rent payments3) What utilities tenant is responsible per HAP contract4) Any security deposit (which is for damages, NOT unpaid rent).