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?

The buyer closes on his HUD-1, sale price is 27K with costs of assignment as a separate line item of 10K.

The items need to be repaired/replaced to bring this to a C4 or better condition before we can close on it.

Most IRA custodians will make you hire an outside property management to handle these items, as well as paying the bills.

Sometimes the improvements we are making to the building are not a tangible item the resident sees, such as new shingles, replacing the boiler/water heater, or fixing sewer lines.

@Josh JustinianoThere are a number of threads on this, one of the more recent which includes my favorites is here:http://www.biggerpockets.com/forums/432/topics/93106-top-multifamily-investing-booksIf you enter 'apartment books' in the search box at the top on the right of this page it will bring up about 130 additional items too.Good hunting-

Mathew, I cannot see the details of the report but we had a bunch of code violations in Long Beach and one of the best things was getting the simplest items taken care of first and letting the city know.

I will put down personal items that help me remember them or maybe rule them out.