There are lots of people operating illegally and you can find them advertising properties illegally all over the BP Marketplace. 

ROI factors in rental income, operating expenses, real estate market health, and property appreciation to assess the potential return.

They even pitched that I run marketplace adds for my property and refer homeroom (and if a lead goes to another property in the end, I do not get any sort of compensation).

We negotiated a favorable deal by assessing the needed renovations and offering $60,000 to secure it quickly.

I would be on the lookout for the current condition of the units and building while you're walking through to assess how well it's maintained.

I was able to side step financial fees but the person funding the project was assessed a 26k debt because I and all subs were viewed as employees.

To do this, divide the cost based on the ratio of the fair market value (FMV) of each asset to the total FMV of the entire property at the time of purchase.If you are uncertain about the FMVs of the land and the buildings, you can alternatively allocate the cost based on their assessed values for property tax purposes.Source: IRS Publication 527 (Residential Rental Property)

Assessment and Negotiation.

A couple of thoughts specific to condo investing:1) Be sure to include the condo fees into your cashflow analysis, and budget for potential assessments as projected capital expenses2) Make sure the condo association is solvent - a good litmus test is whether or not the units are approved for FHA financing3) Make sure the condo association rules/regs allow for rentalsGood luck!

.### Additional Tips:- Conduct a market assessment to ensure this conversion makes financial sense.