However, once you file your taxes, the IRS will figure it out and you're screwed!

What would your do to figure a proforma that supports and offer for a profitable property?

We sent messages to all residents and 3 didn't answer, so it seems like that is the place to start, but does anyone have any ideas on how to figure this out given the limitations?

or am I just being naïve, and somebody figured out a way into the cashbox.

@David YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I’m hoping it will get me a better interest rate and payment so my rents can cover the mortgage.I will be reaching out to you guys to see what my best options are.Pretty cool to have this community to help figure out problems  It depends on what you are trying to accomplish.

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Based on that number of units I would expect much higher figures - did you buy these buildings all/mostly cash?

I just need to figure out how to purchase it.