Utilities would`ve been on tenants name, and they need to show proof of it (show us that they signed them over).

Something like 10 year cycles.

Plus it would have to be a banger of a property for me to have that kind of confidence in it going the distance through all the market cycles, regulation changes, OTA market shifts etc at which point I may as well buy it.Which circles back to my original point- if I am not owning and benefiting from the appreciation, why should I absorb so much risk and upfront capital if instead I can find an underperforming property with potential, take a guaranteed return off the top and invest almost no money on my side? 

So there is a 20 unit building I'm attempting to buy, I made an offer of 1,500,000, 60 days inspection period and cash close, need to see 3 years of bank statements as proof of income. 

The Sponsor: Track record, their experience in the asset, their assembled team, any full cycle deals.

And there are sponsors that have survived multiple cycles with little to no money lost and sponsors that are brand-new (and everyone in between)So these all come with a wide range of projected returns, actual returns and experiences.

Understand the Market CycleEvery economy and market experience cycles: expansion, peak, contraction, and recovery.

They will pay $50 to get something off the internet because they do not want to pay pet rent.Ask them for proof of an ESA. 

In this part of the cycle, as prices are dropping and it's harder to get financing, a motivated seller is not going to get top dollar, and most want to get rid of their headache.Two years ago, it would have been easier, but not now.

Add HVAC now $25k and this is tight.If you are buy and hold;   find the paper linked off my BP profile;  how to buy a bullet proof rental portfolio.