I don't think I've ever seen a pro-forma on a brand new large scale multifamily that was as low as 24%.So, my quick analysis is that your expense ratio is about half of what it will actually end up being. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

After the tenants receive a TOPA notice, they have 45 days to form a tenant organization with the legal capacity to hold property.

Just remember to stick to actuals and partly ignore pro forma / APOD info. 

I was doing the same thing, but an attorney advised me to (1) have rents and expenses flowing through separate LLC operating accounts and (2) form a LLC or Corp for the management entity.

So its not a letter form a HML or a pre approval from a bank its proof that I have the cash sitting in the bank. 

If the pro forma cash flow does not get realized, they have no profitable exit strategy.

If there are any standing puddles of water in the yard, make sure they get drained, and form a solution to keep them drained (French drain perhaps). 

In other words offers made on value of property as it stands today not on pro forma numbers. 6a.

I have inspected them inside and out, and run financial pro formas, and its tough to find a good deal, unless you just need to avoid taxation and need a spot to place your money.