I would suggest you check the sales comps to see what the property is actually worth first and foremost.Then I would check the rental comps to see what this property would generate on a normal annual lease.

Keep in mind that if they don't provide trailing bank statements, there is a chance that the current owner put non-qualified renters in at higher than normal rents on month-to-month leases to make the numbers appear better...

Normally I'd say it wouldn't hurt to ask, but in this case, it might actually hurt to ask haha

@Nathan Ignatovskiy our normal fees run roughly:- esrow/title/taxes/etc: 1.85% of purchase- lender fees: 2.5% of purchase- insurance: 1.4% of purchase priceHope this helps. 

My commissions have more than paid for then license and allowed me to spend a little more on deals than I normally would have since I get to factor in the commissions.

Does this sound normal?

@Shane Gaboury I don't know what kind of building stock is in your area, but in my opinion, multifamily investing will normally beat condos all day long.

Vegas, even though very hot in the summer, does not have a big drop in the summer because people come for the shows, glitz, gambling. 

If you do that though you can't actually take out any of the cashflow...because the problem with CapEx is that it doesn't actually cost just 8% of your rent. when it come it comes big and heavy, so you'll need to be able to build up to having that reserve account...some people like to gamble and will take it out...I personally don't recommend taking cashflows from your real estate until you're much further along with much larger reserves.

Additionally, here in Texas you arent liable for normal nightly hotel taxes if you are booked for 30+ days which equals a huge savings.