The only “good news” is you’re paying for last year’s shortage and thsi year’s taxes, or this year’s shortage and next year’s escrow account. 

So, an IRR rarely gets taken into account during due diligence, although like most real estate transactions, the exit has the highest potential for return.I'd love to know some average numbers for a turn key.

I already have a Stessa account.

I'm currently exploring opportunities in real estate, particularly in accounting roles.

Tenant covenants and agrees to pay interest at the maximum lawful rate or eighteen percent (18%) interest, whichever is less, compounded annually, on all unpaid Rent, damages, and other amounts owed by Tenant, excluding late fees, from that date of Landlord’s final accounting until such time Tenant pays all such outstanding amounts.

As soon as you get the leases signed and proof of security deposit and first months rent deposited into your account your can use it.The question should be, do I even need to get the units leased out to qualify ?

We also didn't take into account the slant in the floor either. 

I would not necessarily advise being cash flow neutral or negative before you account for these types of things.

Have every detail spelled out, use an escrow account and daily updates verifying all parties are executing their responsibilities.

Upon verification, the Landlord will pay you $2,000 cash, and both parties will sign a receipt acknowledging that your account has been settled.