No Stab-Loc's or similar and etc...Sewer Cam inspection to see condition of main line onto property.Roof condition (how many are on the building re getting a refi on it somewhere down the road--2 or less).Bring a multi-family inspector and walk every unit, every roof the entire grounds.Existing liens,  easements, is it condemned by the city or going into condemnation, unpaid back taxes, unpaid water or electric that will flow to a new owner, etc... 

On HUD, distressed properties I suggest cash, Heloc, revolving etc to get around appraisal, inspection, defects. 

Your fears should revolve around is the house going to make money given what is required to rent.

Get a DUNS number, establish at least 5 vendor (store) credit accounts with net terms, then try revolving credit, bank loans, and so on. 

If you have any question you cam usually do a quick search and find answers and if you can't just ask. 

@Robert Blazer IV,A HELOC is a form of revolving credit (much like a credit card), but secured by the equity in your property.

As long as this is an unsecured, revolving credit line, your monthly debt will not increase if you monthly payment is $0.Keep in mind that any new credit will affect your credit score. 

.)- CAM (Common Area Maintenance items like yard care, snow removal, parking pavement, exterior amenities, etc.)- Payroll and G&A Expenses- Advertising Expenses- Any other expenses related to the Operation of the Asset not covered above EXCEPT Debt Service, Depreciation, Income Taxes and Specific Tenant ImprovementsNOI (EGI Minus all Operating Expenses)::break::Now you can calculate your existing CAP rateYou can also set up another file for value added opportunities that would contain Potential EGI and Potential Expenses which then would give you a Value Add potential CAP RateTo derive your NCF, subtract your Debt Service from the NOI.Hope that helps!

@Jordan Freeman, most of your rhetorical question seems to revolve around "if I am a licensed agent, can I pay cash and immediately market the property as is, for full retail"?

People die, move out of state, etc. so turnover is inevitable.California has some weird rules so it doesn't surprise me.On retail centers for instance the percentage is based on base rent and not CAM added onto it.