You clearly care, know what your business is doing, and are focused intently on it.

I went to see the property, took notes and pictures of the property and my intentions were to go home and estimate the repair costs.

@Yolanda WilliamsI think you may be using the term "flipper" incorrectly when you mean to say home seller.A flipper is a person whose intent is it buy homes, fix them and sell.It appears in your case that you originally intended to acquire these properties as rentals and decided to sell them.Your terminology may confuse people and have them provide you conflicting answers.

Our intention with our current property was to refinance a portion of the equity to purchase our next property.  

That wasn't my intention -- nobody comes to BP to find a vacation rental, they come to learn how to make money on them.

FA & FAPI presentationThere are a number of knowledgeable and well intentioned people on BP and self education is always valuable but these are really questions for subject matter experts (i.e. accountants).

Perhaps not intentional understood.Good luck with your search! 

I have not paid any fees whatsoever, I received a letter of intent detailing the specifics of collateral (a share certificate for $4.7 million) and a repayment of 25% of NOI payable at the end of the every fiscal year.

I personally have nothing to hide, so am happy to divulge to my seller exactly what I do, and most certainly advise our intentions both practically and financially.My opening line is usually, "Hi, I'm calling from New Zealand" that's usually enough to get the conversation started - unfair advantage - you bet . . . . but us Kiwi's are a creative bunch!

After giving some thought to the various options, we have decided to start off with purchasing multifamily properties (triplexes / fourplexes) with the intent to build up a strong buy-and-hold portfolio.