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

Although, with some paint-up/fix-up and a security system, you should be able to shave at least a point off the cap rate.Depending on the age of the apartments and the appliances, you might need to increase repairs and maintenance, or set up a reserve for capital improvements.

Same goes for transferring to an LLC, it would have to show this as a long term investment, before doing a 1031.Acquired property(s) have to be in the same name as the entity selling the first property.

The borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

Septic tanks should be well maintained by pumping every year, particularly if the unit(s) have laundry.  

One school of thought is, as the article states, the hedge funds, private equity firms, etc. buy these notes in bulk, skim the cream off the top, and sell them to the firms "downstream".

You might be able to shave some of this number if you're running a 10% Maintenance already.  

@David S. have you ever had the need or desire to sell any market based investments in your brokerage account to free up funds for other types of investments?

Plan of action: re-seal the light and shave off the bottom of the doors upstairs. and no more long tea time in the bathroom :)

And since most people prefer to do less effort for more money, you can expect the number of applicants to be small - and with that, you can expect that the chosen one is very unlikely to be the cream of the tenant crop ...