Better stop, look around, see what's going down and get with an attorney before you get nailed on possible fronts.

How was the ceiling attached nails?

Steven hit the nail on the head, there's an awful lot of knowledge and experience on this site so ask questions, read forums, meet fellow local investors at your REI meetings and you'll become smarter and more connected in no time!

Nail it, then scale it.

@Melodee Lucido hits the nail on the head.That is a REALLY small list and it is only the first piece you sent to them.

You can't overpay for the place in case you need to get out from under it, but as long as you can sell at retail without losing money it isn't a bad deal at all.The 3 things you need to do it 1) see the place to see if it needs work, sounded like you will see it soon for this. 2) you need to nail down what the current value of the house is so you know if $85K is any discount, right on market or if it is upside down.

We ply address any fees the buyer is expected to pay, above and beyond buyer's normal costs...ie. we Try to nail down HOA contributions, partial payments to junior liens, etc up front.

What the LLC gurus don't explain is that the LLC is still your asset, your assets can be clean out through the back door as easily as the front, meaning, a management issue goes to management company, it gets nailed and its interest are at risk.

In either case, you need to really nail down these expenses.What the owner provides you is only as good as the owner him/herself.

On buildings of that size in A neighbourhoods we are expecting CAP ranges of 4-6; in B neighbourhoods were are looking for 7-9 and in C's 10-13+.I can understand a lower CAP on a larger (e.g. 50 - 100 unit) building in a C class neighbourhood, but on a 12 or 16 unit, I'm not sure the management costs/headache would be worth it for less than a 10 CAP.Obviously the local market will dictate and a local broker is your key to that informationYour thoughts?