Lets face it, some 10 or even 20 numbers you could just write it down on a piece of paper or an old fashioned addressbook...You mentioned:  "I'm assuming PM collect the payments, manages the lease, track tenant activities etc." 

Fees should be clearly stated in writing, easy to understand, and justifiable.

@Steve Saenz - This depends on your state (I'm in NC); however, the first time I did a private lender funded deal, I had the same attorney who was handling the closing, also write-up the deed of trust and note for the private lender.

If I can figure out roughly what I can get for it in something more than a 50k spread that I have narrowed it down to at the point of writing this. 

They need to have something in writing to show proof.

Don't try to write off any expenses until you have an income to offset.

Question -- Even if the loans are still in the seller's name and I'm just writing checks to the bank each month that would still be be liable for UDFI tax?  

You could ask your accountant about options for bonus depreciation or possibly updating the properties in order to receive depreciation deductions or write-offs for repairs, maintenance, etc. 

I am trying to write a cash offer for a property...

My question is, is everything on this trip a write off?