What I think people are referring to when they currently use the term "bubble" when applying this term to most markets in the U.S. are low supply as a result of low level of development occuring between 2008 and 2012 and growth in demand as a result of:+low interest rates+Flight to quality:  international buyers, primarily China, investing in U.S.

Total expenses right around $2650 give or take a few dollars.Numbers are as follows:Unit 1 - Studio: 650/ mo (market for quality/ finishes is 750, business partner occupies currently)Unit 2 - 1 bed/ 1 bath: 1350 month (currently at market high end finishes throughout)Unit 3 - 1 bed /1 bath: 850 (I live in unit ...market for for unit 1250)Unit 4 - 1 bed /1 bath : 850 (could rent up to 950+ but doing another friend a favor)Garage - 3 car 600 sq/ft +: 290/ mo (rent could easily be 450-550/ mo ... space will be in greater demand as more meters come into play and the parking becomes permited over the next year)

Although I enjoy my job most of the time, the corporate rat race does demand a lot of my time.

There will be great rental demand, a strong market for lease purchase or for retail buyers.

If the asking price is $100,000 divide it by $15,000 which would give you a CAP Rate of 15%, if you demand a 20% NOI, work the numbers backwards; your offer would be $75,000 in order to get a 20% return.I have found that this estimate is close to the actual NOL when done using the long form.Good luck

Everyone after me will now be aware the sewer is bad and obviously demand a different sale price.

Brokers cannot demand a certain amount of EM  Only the Seller

If it's a go, then I would demand a full application (credit, background, LL refs, income/work docs) just as if you were starting a new lease.  

I don't want to discourage you from trying but to be blunt if a newbie investor asked me to partner I would only consider it if I took the lead to protect myself and I would demand a large percentage of the deal if I'm bringing any money to the table. 

I think if you demand a lot more than that, you may risk killing the deal.