Depending on the actual age of the property, at least some level of deferred maintenance is not uncommon.

At a high level, the system ingests raw documents from the recorder's offices, building permits, zoning permits, market data, and other auxiliary datasets.

Sometimes they forget to tell you that many tenants in Detroit don't pay (depending on the property manager skill and the type of tenant) - but taxes are very high in the city and so is insurance. 

I’d recommend waiting till you have a cushion of some sort depending on your comfort level before you take the plunge and buy the second deal.

This skill will come in handy when your clients are freaking out and stressed.

You don't know what assumptions to use, talk to your PMs about expenses and rental levels.  

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

I was really hoping to get in on the ground level and grow with them. 

On a more enterprise scale, I employ RevMax software as well as a fractional revenue manager who looks at the prices daily on a market level and a comp set level. 

Our first event may be geared toward beginners but I’d like to have discussions at all levels & all different topics.It will only be 40 minutes long max, because that’s what my Zoom account is set up for.See our announcement on Bigger Pockets here:https://www.biggerpockets.com/...I’ll be discussing some of the most common questions people have about real estate.