Sabri, je ne recommanderais rien en dessous d'un quartier et d'une propriété de classe C.

The owner seems like a very nice guy who has owned a property over 40 years and has just done it that way and it has worked for him, but would love any advice on how to continue due diligence when there is no formal T12, P&L or rent roll.

You should have a balance sheet anyway for a 1065 regardless of whether you have to file Sch L or not. 

Once you start analyzing P&L or cash flow and start making recommendations on that the conversation starts to migrate from an agent to one of financial advisor.

L or any other person pioneering a new financial structure.  

@Kapou Lor ask for the trailing 12(rental income of the prior year, request last years expenses, and research the cap rate of that area.

officials do not index by foreclosure but by owner name or lor, block etc.Absent a judicial filing for foreclosure there is no index for this this.Bob

The others are all PM'd and they handle all that and I don't have to worry about it.It's good accounting to keep every dollar that comes to you in either your P&L or balance sheet so it never gets lost. 

If you are inquiring on smaller MF properties sometimes the sellers may not have a full P&L or T12.   

So that you can then run a whole company P&L or a P&L for a specific property.There are other free options for accounting software but obviously not as good.