@Mehmet Eksik I'd have to agree with your assessment based on my experience.

Anyway, as I do my analysis I notice that property taxes eat up a large part of the cashflow in my area.For example, one duplex I analyzed was assessed at $120,000 and the annual total net tax is $2,800.

I will definitely need to check how much the HOA has in reserves and what kind of special assessments they've had in the past couple years.

Does anyone have a specific system or checklist they utilize to ”relatively” quickly assess or research a property?

If a tenant is late on rent:The first thing you need to do either after business hours on the 1st or early on the 2nd is to politely notify them in writing that they are late on rent and that they have or will be assessed a late fee if rent is not paid before the grace period (if there is one). 

I reached out to the district and got the opportunity for us to walk through the building, assess things, and potentially make a proposal for purchase. 

But of course with the higher demand assets/markets, you get not only higher asset price growth (appreciation) but you also get outsized rent growth.The ability to properly understand, assess, and measure risk is the greatest challenge for investors, as most simply get the risk analysis 100% backwards and initially think that the higher cash flow provides safety, when in fact its a huge blinking red warning sign, just like it is any type of investment vehicle whether that be real estate, dividends, bonds etc.

Hello, When assessing a potential new purchase, how may one request verification of rental income? 

Do I:A) Fire sell it to an investor willing to deal with the hassle, liability and future assesments loosing $40k and move on.B) Jack the floor, keep collecting rent, and leave myself open to the building being condemmed and all the assessments that should be $30-40k.

.% payment is ultimately a gamble on the conventional interest rates in the future and assessment on whether the extra 6.6% in downpayment is more useful elsewhere.