You can normally manage your own property without a license.

Lots of demand for multi-family in the Coachella Valley area from out-of-area investors, but they normally want places with market rents or aren't great at understanding what markets rents are.  

So, what the seller is suggesting is pretty normal.  

Your issue, normally, isn’t with the vertical runs of pipe.

But, normally, the first question that I get from agents and owners is "How much are your fees"?

When analyzing deals I normally calculate $90-$100 per month here in the Houston area!

Is this normal for developers to discount at 50% of the listing price or double the price of the second phase?

Matt - So if I buy a home today and sell it tomorrow and make a $20K profit, then this is normal income and not capital gains. 

It's common in my experience for the interest rate and down payment to be higher than normal also.

These leaks are very difficult to find, but your tenant would not normally smell a bathroom sink odor, or a leak in a vent or drain only when near the bathtub.