We agreed to split the cost of the short notice with tenant (basically split 9 days of rent) as we were that eager to get rid of them.  

You will need to perform at least basic underwriting based on the T-12 and rent roll.There is, however, a short cut to estimate the maximum debt service.

Years back I was told even basic appliances and flooring needed to be depreciated.

I don't spend much time 'driving for dollars', as I have found that I don't stay focused.

Here is my process I have thought out for now, please feel free to critique/provide improvements based on experience:Learn through BiggerPockets, David Greene, Gary Keller -- I personally want to avoid getting too deep into this phase, get the basics and run with itCreate a system on analyzing a property - I have my own parameters that work for me and have put them on an excel sheet - I have what I call 'quantitative' and 'qualitative' tabs that give me a 300 degree viewGet pre-approved as I am learningNext comes the Research phase (learning and researching are going together) - this is taking time.  

So, basically using insurance and the IRS to help subsidize my risk :)2.

My basic understanding of this is that you get one loan for 80% of the purchase price and another loan at a higher interest rate to cover the down payment and closing costs.

I don't spend much time 'driving for dollars', as I have found that I don't stay focused.

Basically, just trying to get a clearer picture of what we actually do is a Make Ready or a Rehab or both and are we in the right price range for what we are doing.We have done over 70 apartments in 2.5 months and want to be sure we are charging the right amount for the work.

The town is a 33 minute drive from downtown Chicago.