Unless you have a way to source off market deals or have a crew to provide labor for below market value, you're kind of relying on hope and luck to find a deal that works.

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

Lastly, Rochester, the most affordable of the four, provides great opportunities for investors looking for higher cap rates (8-10%) in multifamily properties.

I usually provide our budget as well with totals spent. 

The value of the info he provided cannot be understated.Residential RE is more challenging then a few years ago, but there are a lot of ways to make money in RE.  

You do not need to provide tax returns, W2s, paystubs, etc.

Real estate has always been in the back of my mind as a way to increase our wealth and provide for our family.

First off, has the developer provided you with a term sheet (not a commitment) from a bank showing they'd lend 75% LTC on a mixed-use development?

We have specific and unyielding criteria for this, which we provide to all potential borrowers in advance.

Not all areas are bad and some of the areas that are labeled as bad, aren't that bad and provide the best cash flow!