NOI Underwriting Methodology: NRI and EGI, real estate taxes, operating expense underwriting rules of thumb, replacement reserves, appraiser’s impact on lender underwriting, expense comps, etc.10. 

Cash for keys, screening, and lease enforcement seem crucial, no doubt.I’m curious, though—I've been in rooms with pretty successful multifamily operators, and many of them actually frown upon eviction because of the cost, lost rent, turnover expenses, and time.

For this I’ve taken the payment amount of the second loan and included it as an additional monthly expense.

Red tape at it's best making things expensive.

Too many low income apartment buildings near by / vacant buildings. 

As a result, inventory levels have remained historically low, particularly in markets where demand is high.

The build will be more expensive then buying outright.

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

Times are different now and getting in with low money down heightens risk and isn't as easy. 

To clear it, you often have to do an expungement or a quiet title action via a lawyer which gets expensive quickly.