At the bottom of the letter was a section where they could write down anything about their apartment that was an issue or needed fixing.After the tenant meetings we quickly fixed the few major items identified by the tenants and it's been a smooth transition.

Your best bet would be to connect with landlords in regions you're interested in and put together a takeoff of big ticket items.

Are you sure the seller is obligated to fix the items you found in your walk through, or is it that you Want them fixed?

I am trying to evaluate the financials of an HOA community and I was wondering if anyone has a rule of thumb for cash reserves or any other items that could be a red flag to investors?

You'll need to hire outside vendors for these items.

I then came in to correct all those items.

I tend to believe that off-street parking appeals to tenants slightly higher up the economic ladder, but for many I don't think it is a big item on their priority lists.I personally would only do off-street parking.

Otherwise, I will foreclose, get the property and re-sell or rent the property.Knowing what you know now...given that you have the experience, what due diligence items do you need to have for you to feel comfortable buying these NPNs?

If you break out each item its really, really easy to say "that's too much, I'll trim that" and then you're down to 30% of rents.Even brand new roofs and furnaces need replacement someday.

Remove those 2 items and R&M is $5202.However, I question why seller would sell the year after incurring such an expense?