Proforma paints you a nice, smooth picture that never reflects reality. 3% assumption is in line with inflation, so your rent will grow as long as there is inflation and (very important) that inflation translates into wage growth for your tenants.

So, it's all about expectation and translating that into instructions prior to rehab. 

I hope you remain excited and translate that excitement into massive action.  

She claims it is very well kept, six year old roof, everything in working order except the carpet.I'm going to see it tomorrow with my friend who will be translating from English to Spanish for me and vice versa for the seller. 

You need at least one layer of protection between you(r personal possessions and assets) and your business entity structure (translation: more than one entity)If your businesses are properly established and maintained they WILL afford you considerable (though not "perfect") protection against even the most frivolous of lawsuits.

The only challenge was they mostly speak Spanish, but they brought their daughter to translate.

The monthly lease was $3,500 and this translates into $35,000 in lost revenue.

Which translates I don't deal with such people nor do many others

I have been an Interpreter and translator for English/Spanish/English since 1989 til the present time.

Lots of good feedback from other members.  7 low income condos will translate into a lot of property management challenges.