This does not include accrued interest,mpreservation, property taxes paid, force placed insurance, etc.

Remember, these "wholesalers" are not licensed, not held to any standard, are usually out for a quick buck, and doubtfully have any E&O insurance.

You were missing Principal and Interest from your mortgage and also Management expenses.Based off of that I put your numbers into it.Rental Income             $2375ExpensesManagement               $190 (8%)Insurance                     $125Capital Expenditures   $71.25 (3%)Taxes                           $325Repairs                        $237.50 (10%)Interest                         $412.50 ($110k @ 4.5%/30 yr)Principal                       $144.85 ($110k @ 4.5%/30 yr)Vacancy                       $118.75 (5%)Electricity                     $250Water ad Serwer          $50Total                             $1924.85Cashflow                      $450.15Looks like pretty good cash flow from that.

Surely, the sale couldn't proceed without THEIR permission?

Does anyone have a reference to a contractor or advance on the best way to proceed?

Right after you close on an improved property get an insurance policy that will protect you if there is a loss on that property.Do not cut any corners to make something look better.  

However the math is simple… run an amortization calculator see what the taxes & Mort payment are, and then know what a flat in that area rents for, With that said here is 2 typical examples of Albany propertiesNew Scotland area 2 family’s run around 220k, 6k taxes, 1k insurance payment would be around 1570 a month, typical rentals would be around 1300Washington ave areas 2 family will run around 140, 3500 in taxes, 1k insurance would be about 1000 a month, with rentals being around 1000 a month.So you pretty much can break even in the not as good areas, grab a roommate or 2 and you’re really cash flowing.But don’t forget about the big savings of the low down payment and locked in low interest rate when you plan on exiting in 2-3 years

I think the agent simply took market rent, applied them to all units, and used one of the R&M rules to come up with his number2. property manager listed no rent income for 6 months straight and suddenly for the very last month on paper there was an income of about 2800 dollars. this made me doubt if the entire income and expense reporting was accurate3. owner did not provide tax or insurance numbers - the listing agent estimated them...I also heard from the selling agent that one of the bigger units will be vacant from next month, due to eviction of tenants from rent delinquencies The owner is out of state and seems clueless on the operations of this building.

listed for $179k the numbers worked - albeit they weren't stellar. after finding the tenant occupied upstairs was almost $300 under market (currently a section 8 tenant) we decided to proceed as upstairs was month-to-month and will be terminated next week.

I WILL be reaching out to a few of the Pros here at BP to help us along once things proceed a bit more.