I personally think what theyre looking for is an LOI.....but i would dig a lil deeper for clarification.....we send LOI's when making offers

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.

One was so small that they had to in some places use a fold up shovel to dig a pathway for the person to move. 

I have begun to dig a little deeper into the sub markets around KS.

Sometimes you have to dig a little deeper to get the real picture. 

But in that time - study the comparables in your hood to get an idea of what you can charge (zillow, redfin, realtor.com helps - maybe dig a little deeper into it and find local property managers/landlords and ask them for comps in figures)lastly, I would say in the current market - your reserves pool / capex should be somewhere around 10%.

I think you will have to dig a little deeper, maybe speak to more PM's and source more data

If you see a property with gross rental income of $1k/mo, but expenses of $200/mo (or whatever), you may want to dig a little deeper into their P&L / Income statement to see if anything was left out.

thanks @Christine Kankowski,I may have to dig a little deeper to see if I can find those kinds of violations...

I only looked into it briefly awhile back so I'll dig a little more and see.