It may not be your favorite flavor.

@Sebastian Marroquin I'm from the much smaller flavor of Pasadena :) Thank you and I will likely take you up on that!

@Paul HemmingWelcome aboard the vibrant BP community.

Keep in mind that theses sorts of sales have a local flavor to them, so those of us not local to that area might not be quite accurate enough ...

This makes the actual rent 10-20% smaller ord) not all units are rented and the owner forgot to mention this.II) incorrect units:a) some of the units are in immaculate conditions - they are usually shown to the investor for inspection but 90% of the units require major fixesb) converted non-permitted units: those come in two flavors: units that were illegally added and units that have been illegally modified on the inside, e.g.: illegal unit addition or creating an attic or a basement unit for the first one and converting a large 1Bd1Ba to a small 2Bd1Ba or even converting 2Bd2Ba to 3Bd2Ba.

In less vibrant markets, Midwest/Rust Belt, you will see higher CoC returns but lower capital gains potential. 

I like to ask what their favorite ice cream flavor is.

BP is a great educational resource with a wealth of information and a vibrant community.

@Michael DeeseWelcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost.

Study the information here on BP and make a list of questions (that we can answer for you as well) but get the local flavor from your attorney.