3) What sort of documentation or proof of work do you require (before and after photos, invoice, etc)?

The property is a triplex, converted out of an old house that's been taken care of very well (as far as I can see without a building inspector), so the water and gas are not split out into separate meters for the tenants (electrical is).In order to make this deal work, I'd love to figure out a way to invoice the tenants for those utilities.

@Gordon Cuffe I just wanted to confirm the numbers I came up with and your numbers are pretty dang close to my analysis.

For the fact that you went with renting it out and you’re getting close to 500/m cash flow it’s obviously a pretty dang good deal!

You want to see applications, invoices, canceled checks, etc.  

On my settlement statement and a provided invoice from the contractor I was actually charged $2,325, $225 more than quoted. 

They need to all be newly installed by you since in order to apply for this, you need to have ever invoice for your cost to install it.

Dang! 

One of the best arguments for using a syndicator who has management in house, is because they can be strategic about which invoices they pay on time and which they pay late.

I'm investing out of state and have a property manager that uses App Folio, so I'm not planning on using Quickbooks to actually generate invoices for rent.