Keep in mind that these policies are drafted by sophisticated attorneys and drafters and typically have precise language and exclusions.

Plus, even if the precision is false, it doesn't sound to the seller like you are just making up a nice round number. 

Same amount of money, but on a per unit basis, the cost is lower.To more precisely answer your question though, I've never bought a property in which i did not have a full rent roll and historical expense statement.

Part of this investing is hopefully learning what kind of returns are available for what types of investing and in which locations.So every question you are asking is precisely the type of data I was hoping to get from posts to this discussion. 

That is good to set the expectation and @Jim Cummings setting it up in the lease is really smart.Thanks @Kyle J. for the precise answer.

This is highly precise metric. 

Figure out how much you want to make and use a good deal analyzer and that is a way better/precise way to do it in my opinion. 70% rule is more a lender's number as @Crystal Smith noted. 

From what I was told, If you have less than 2 years of land lording the new lender may not use all the income coming from your previous rental property, only 75% to be precise.

We have communicated date and time precisely and tenant agreed upon.

Additionally, not to be too precise here but let's say the equity pay-down the first year is $400.