I'd be on the lookout for significant deferred maintenance, and be sure to get proof that the tenants are all actually paying. at 24 units the property management probably isn't on site, or if it is its probably a part time live in manager, so make sure you have PM ready to go, you'll likely want/need to change it. why is he offering at 9.2 cap if the market supports 6 to 8?

List source: Do you have a favorite site or service that you use to get your lists from?

It listed on Realtor.com and other sites for rent at $1425 over a month ago.  

I'm brand new to the site and not very knowledgable when it comes to lending...

Great that you joined the site!

Also on some local auction sites for the DMV, they have a list of lenders who have approved lending for properties that require significant work.

Helen, I would have a home inspector check it, i am sure your lender that you find will want the home inspected anyway. he may not get to much into it but to say that the beam sags and may be a problem. the other thing you can do is have a reliable contractor look at and see if he can dig in and find out the cause and what it would cost to fix it if you have to, nobody on BP or any site can tell you without looking at it.

My borrower/buyer referrals are pre-approved in advance and these are clean Mortgage Broker to Buyer Agent referrals.With being set up on MLS notification to receive alerts as well as the many other sites like Trulia/ Zillow, etc., from there we just need a lockbox code and negotiating skills to secure the best price, in addition to the $12,000 Realtor Rebate to borrower at closing.These are on the sales contracts and on the final CD or Closing Statement. 

I don’t want to pounce on a bad deal just to hit that mark.I’ve started our search by scanning through and quickly analyzing properties I’ve found on sites like LoopNet, Realtor.com, and Redfin.

Good day folks,Love this site and the podcasts, wish I found it sooner.