Ideally they should be able to provide you with either trailing 12 months or trailing 24 months worth of financials so that you can see that the cap rate is reasonable/ accurate and that they have a consistent tenant base.

Start with little jobs, gain some experience and credibility on the platform, and she will eventually develop a consistent client base.

As I expected, he told me swapping out a few 2x4's and a little work consisting of under $500 was all that was needed. 

This includes (1) 7.5-8% return on cash (2) 1-2% return on equity from renter paying portion of my principal (3) an estimated 3% appreciation (consistent w/ most data I've seen on DFW area), (4) property management fees, etc.

Scott,I am looking at a 1.3M value add project.The project is Norfolk, VACurrently the property consists of two gorgeous houses with a pool and is 3 acres within walking distance of the Chesapeake bay.

It consists of a side-by-side duplex and a separate unit behind it that is what the selling agent describes as a “shell”.

They also require an appraisal(that gets paid to a third party).Other closing costs such as title search fees, recording fees, real estate taxes are costs that you would pay regardless if you acquired the home through a mortgage or HELOC.What consists of the $3500 fee?

. Ownership of a multifamily property consisting of more than four dwelling units. Joint or total ownership of a property that is held in the name of a corporation or S-corporation, even if the borrower is the owner of the corporation and the financing is in the name of the corporation or S-corporation. Ownership in a timeshare. Ownership of a vacant (residential) lot. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of less than 25% and the financing is in the name of the LLC or partnership. Ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

Does anyone utilize a checklist when taking calls from prospective sellers in order to maintain consistency and gather only the needed preliminary information? 

Consistency is key.7.