Hey, David, you could check the local newspaper for upcoming foreclosures, check the courthouse in the counties you are looking to purchase in, biggerpockets offers a foreclosure alert through their paid subscription, auctions.com, hubzu.com.

It is not a fixed lease in that he pays whether it is rented or not, but that he takes 10% of the rent and future increases (n lease up fees). 

Yes, you have to work around tenants need, and I understand them wanting a legit offer with proof of funds before disrupting tenants, but make sure you have a cancel fee in your offer, and refuse to go through if you can’t see it. 

Because you'll be neighbors, be clear about the late fee and eviction policy right from the beginning.  

They charge a set-up fee and a transfer fee for every payment.

Questions:-Is this a fair and simple structure - Do these plans usually balloon after a given term (ie 5 years)- Are we within reason to charge an acquisition fee and ongoing asset mgmt fee?

Water/sewer isn't metered separately for each unit and the garbage fee is lumped in on the same invoice.

The Numbers look tight, see if you can wholesale the deal to a end buyer and take the fee instead of potential lost.

Surrounding homes are around $200k + with similar plot size and sq. footage.I put in 40k desired profit to cover $15,000 paid to lender plus in the closing costs a point fee of 3% (Agent fees portion)These numbers look average correct?

I have done that model and seen that model over the years.. one guys in INdy called Holdfolio did thisnot sure how it performed but chose the rights assets and proper management and that works.there was a guy in Ohio also that called him self MR> triple net.. he sold you a home then rented it back from you for a set fee then he leased it out in a master lease situation were he took care of everything.my model I used a debt instrument equity share model that basically worked like what your talking about but had a pref return no matter what was happening with the asset.. that put big onus on operator to perform..