Gross and net numbers do not confirm to 50% rule - net should be 50% of gross.Ask the seller to provide operating statements for the last 24 months and rent rolls.Look at all maintenance/management items and find out why expenses are unusually low.

So I don't count the 10% as an expense.Corey - as far as people paying their own water in Delaware, that is not unusual.

It would be very UNUSUAL for anyone besides the escrow officer to see this information.  

Unless you have an unusually great deal you can verify independently, I would sit tight at the moment.

It's not unusual to find a lender who will finance 90% of the entire project costs.

It unusual to have a condo purchase cash flow unless the down payment is ridiculously large.

The cash flow projections usually are bogus; it is not unusual to see cash flow projections that do not include any cap ex. 

This is what we do:Screening ApplicantsPoor screening often results in lost rents, legal & court costs and costly damages.Screening of applicants includes the following:Full credit/eviction/criminal checks are done, instead of score-driven reportsVerification of rental history includes validation of actual property owner to avoid fraudVerification of stability of income & employment via YTD paystubs & W-2(s) (analyzed to confirm not fakes)Income is calculated 3 ways to spot stability anomalies: pay period, YTD average and YTD + W-2 average.Debt-to-income analysis (more accurate than traditional 3x rent requirement)Bank statement to see if NSF issues, if deposits support income, prove MoveIn Funds, also analyzed for unusual transactions.Pet screeningHolding Fee required from approved applicants to make sure they are serious, before your property is marked pending.

Account ClosedOnce again, I find myself in the unusual position of having to agree completely with @Alexander Felice...the key phrase in his response is ZERO OUTS.

This isn't unusual, anyway.