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I'm just wondering what you guys have for predictions based on what you've seen first hand...Thanks! 

We live, and the property is located, in NJ, which based on my research is not a community property state.

Now, they are telling me that the repairs will be calculated based off of the depreciated value of the floors.

Hi John, I'm based in the Seattle area, but do most of my investing in midwest markets (Memphis and Detroit). 

I think in most cases we haven't hired anyone based on their system experience unless it is a position that focuses on accounting. 

.- When starting out, keep in mind that everyone speaks based on their experiences and mindsets.

Based on the Insurance Market in FL now, you may want to check on both options.Those policies are designed to provide Property and Liability coverage together.  

Everyone should know how to calculate the worse case scenario and make an offer based on that.If there are good tenants with solid leases in place, in a great market and the seller won't budge, that's probably not a place for a super deal.  

Based on an appraised value of $255k and rent of $1,600, you're running VERY tight on a 1.0 DSCR at these interest rates.