It's important to get as close to real-world numbers as possible when doing a detailed analysis, and it's reasonable to ask the seller about rent history. 

Hello there, I am fairly new to the investing world.

So I ask for the income and expense statements, not sure what they are called in the real world, and the agent says that owner managed the property himself for the last 10 years so he has never drawn up any sort of financial statement.

I am brand new to the world of real estate and have come to see that it is very broad but full of opportunity and real potential , I have trouble with two things at the moment.

Hello I am still new to the investing world, so any advice would be helpful. 

It would be a wonderful world if everyone could afford every safety device and had time to research them, but the truth is that sometimes you have to wait until time and money permit you to set up things for a large company. 

I look forward to learning more about the real estate world. 

Two of our contractors spring to mind, the plumber who despite all the best connections in the world hates the business of rental property, and our tree guy who plays the same game as us (buy and hold) and we often compare notes.Some people like the game, some don't.And again, the debt thing is down to personal choice, although interestingly a friend who spent $65k on a truck has since told us that it's the last time he's buying such an expensive item, and when it's paid off, it's paid off.

If this property went vacant are you going to be in a world of hurt?  

I am fairly new to the world of investing.