Without knowing the exact operating expenses, it seems like a decent deal on the surface.

Here is some more info on how they plan to address drought: http://www.cap-az.com/public/blog/258-colorado-riv... 3) Other surface water (e.g. reservoirs such as Lake Roosevelt, Lake Pleasant, etc.): these are dependent on local precipitation and are replenished on a roughly annual basis.

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:“How to Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!

Way too often people outside the industry look at the surface of a deal and assume agents are being greedy and making all this money for doing little work on a deal. 

You can use FurnishedFinder for some surface-level data, but there really isn't a great resource out there yet to provide deep dives into MTR trends. 

Since a 4-plex is typically a two-story, the surface area is a bit less than a 3-plex, which is often an L-shaped sprauled out structure.I have some ideas for you in terms of how I’d structure this your deal to gain the most out of it – too long for this post.

From this I determine which on the surface appears to be the most suitable.

While this may seem like a good idea on the surface since you don't have to outlay any cash, your time is much better spent tending after a property that you have equity in.

On the surface looks like minor wood replacement/repair outside, and general cleanup and paint inside.

It is, on the surface, a zero equity deal.