The purchase price is $750k.Gross Annual Rent is: $91,800Expenses include:  Property Taxes $6,300 Property Insurance $6,000 Water / Sewer / Trash $7,200 Advertising $0 Live in Manager Free Rent $8,400 5% Repairs / Reserves $4,590 5% Vacancy $4,590 Total $37,080 As you can see above, there is a live-in manage who takes care of everything from painting, re-tenanting, collecting rent, etc.

Options  are under different accounting and tax rules if greater than one year, they are seen or default to an installment sale. 

For you accounting types;I was going through the 12 month P & L (cash basis) of my property (39 Unit) and found that I did not fully understand the delinquency line.

Thanks, Account Closed feel free to reach out when you're ready. 

@Steven Mayer and Account Closed Calgarian who moved to Texas (1.5 years ago) and invests in multifamily in the US.

Kevin, I spent a great deal of time in Los Angeles and Orange County as a Project Account for a few large developers, When looking at land or land and construction deals in the area, I know you're going to need to account for a lot more than what you may be looking at based on this question.

Find/Hire a Team full of members who are professionals that can do what you don't like.The preliminary Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contracors, and Handymen.  

Thanks Account Closed, what kind of company typically does these types of inspections?

The funds will need to be seasoned in a bank account for 90 days or 3 monthly bank statements.

(We are keeping the 40k in a completely separate bank account) My questions for local NOLA area BP users:What areas would you recommend for a first time flipper?