There will typically be a full marketing package with financial actuals and pro-forma that brokers will send you on request.For smaller deals you're typically working with less sophisticated sellers and may get a rent roll, but I don't usually expect a full P&L report (nor do I trust the ones I do get) before I get into due diligence.

I haven't explored condo conversions or anything like that as it involves a more sophisticated market understanding that I don't have yet.

@Ashley Benning, many sellers (at least the more sophisticated ones) won't accept proof of funds letters from hard money lenders.  

This is one in which the issuer (or a person acting on its behalf) has sufficient information to evaluate, and does, in fact, evaluate, a prospective offeree’s financial circumstances and sophistication, in determining his or her status as an accredited or sophisticated investor.

Bullhead City is a river/casino area, so there are some great opportunities for "seasonal" rentals as well, or the latest craze, Air BnB.

You will see they are investing in the strongest markets, have great broker networks / access to deals which is critical in a highly competitive market, can raise significant capital to take advantage of scale, more disciplined / conservative underwriting models, have simple well thought out business plans to increase the properties value, using fixed rate 10yr loans to take advantage of still incredibly low rates historically speaking and use more sophisticated tool sets to help understand how fluctuations in occupancy, rents, etc may impact their models.  

They did ok but IMO were not sophisticated investors either.

You will have to walk through your own detailed analysis and get back up documentation (e.g. contracts, bills) to confirm everything possible.A larger scale owner probably used more 'sophisticated' systems.

You have to be sophisticated and truly understand the investment you are getting into.

It is a sophisticated and powerful retirement plan that puts you directly in control of your retirement savings, and directly responsible for adhering to IRS rules.