:NOTE: Important to keep the date of when these items were receivedFINANCIALS (get from Property Management Company or the Seller):Annual Operating Statements (for past 2 years)Monthly Operating StatementsYear to Date Operating StatementRent Roll for the last 2 yearsLast 3 month's Bank Deposits by the sellerBudget ForecastExisting Loan Documents ** ask if will take AssumptionSecurity Deposit Account StatementUtility DepositsRequest Schedule E if questionable financials, certified by accountant.OPERATING INFORMATION **** Must sort by importance:Management ContractCopy of all Lease Types (all leases delivered at closing)Concessionary RentsLease Expiration ReportUtility Bills (for Water, Sewer, Gas, Electric, CATV, Ethernet, Phone) - for past 2 yearsProperty Tax Bills - for past 2 yearsService Contracts (all currently under contract: trash, exterminating pests, maintenance, laundry, pool, elevator)Advertising ContractsPayroll Register (employment contracts)Operating Manuals (phone, computer, fire system, etc.)Insurance: Policy (premium disclosure)Insurance: Claim History (for past 3 years)Insurance: Carrier Risk AssessmentMiscellaneous Agreement (Vending, Pay Phone, etc)Capital Improvements and Maintenance History (for past 3 years)Incomplete Maintenance Requests (for last 3 month's maintenance requests)Yellow Pages Listing ContractCredit Bureau ContractPet PolicyCommission AgreementsRent.com reviewLEGAL AND PHYSICAL INFORMATION:THIRD PARTY INFORMATIONAppraisalDeedTitle PolicyLast Sale Price/DateTax Assessment: Land/BuildingSurvey (Get the original)Architectural PlanSite PlanInventory of Personal PropertyTools/Supplies InventoryBusiness LicenseZoning CertificationBuilding Code Compliance Letter ** Tell bad news fast to your investors; don't hold off on thisCertificate of Occupancy ** Tell bad news fast to your investors; don't hold off on thisRental Ordinances ** Tell bad news fast to your investors; don't hold off on thisLitigation History ** Tell bad news fast to your investors; don't hold off on thisTenant Estoppels (Optional at Closing) ** Tell bad news fast to your investors; don't hold off on thisBuilding PermitsMARKET INFORMATIONMarket Survey (3 - 5 nearest competitors)Existing Competitive Supply SurveysEnvironment Surveys - Phase I/Phase II, if necessaryEngineering ReportFire System Inspection ReportsElevator Maintenance Report (if applicable)Boiler Inspection ReportHVAC Inspection ReportLead Paint - Inspection reports / tenant waivers / historyMold - Inspection reports / tenant waivers / historyFuture Competitive Supply ForecastPictures - Aerial / GroundArea MapApartment AssociationApartment Guide ListingCopies fo All ADvertising, Brochures, Floor PlansDemographic Reports: Housing, Income, Employment (3 radii - 1 mile, 3 miles, 5 miles distance)Traffic Study and/or Road Improvement PlansNeighborhood Survey: Shopping, Schools, EmployersCrime Report

Selling Guide Fannie Mae Single Family Part B, Origination Through Closing Subpart 3, Underwriting Borrowers Chapter 5, Credit Assessment, Traditional Credit History pages 463, 465-466 https://www.fanniemae.com/content/guide/sel011713.pdfThere are what they call "lender overlays" which banks and lenders will tighten up the Fannie/Freddie guidelines to improve their overall performance.

When dealing with multi family, you always want to get proof of tenant histories including payment history.

You can do the same process the PM does, credit check, rental history, call previous landlord etc.

Having reviewed her credit report with her, she, in 26 years of credit history, had NEVER missed a payment and had ALWAYS paid more than the minimum on her balances.

:In all out units we have a binder with all the pertinent information the tenant may need (operator manuals for appliances, list of local amenities, a little history on the property, house rules, etc) and a list of "numbers to call" velcro'd on the inside of one of the kitchen cupboard doors.

If you are new to the discusson of tax reform and want an insightful and, dare I say entertaining book about taxation and the history of the income tax, check out The Fair Tax Book.

However, the Chicago Metro area is still growing and I foresee it in 20-30 years covering all of Northern Eastern Illinois in a semi-circle from the Rockford/Beloit area curving down to Kankakee and then upwards through NW Indiana.

I make the recommendation based on credit history and care for my apt.

The Norris Group has been making a big push in that direction but I am a little too far our for The Norris Group (eastern Kern County) but I am hoping to find a lender in Bakersfield or southern central valley with a similar program.