While there may be no extra cost here for properties in good condition, it’s worth having the property inspected by a professional building inspector to ensure that there are no hidden issues or problemsFinancing Details: You’ll want to talk to your lender or mortgage broker to get an idea (or better yet a letter of approval) about the cost of the loan and the necessary downpaymentIncome: Details about income should come directly from the seller, but as mentioned above, don’t rely on pro-forma data for final analysis.

For basic comp analysis use...rentometer.com in combination with craigslist.

An extra month outside of the one month projected in your purchase analysis will take how long to get back?

Thanks for the help on the analysis 

In case it impacts the analysis, one of the listing agents is using a third-party company to assist with all the paperwork and negotiation involved in the short sale.

I use it as a guideline to kind of help me do a quick and dirty "is there any chance this deal will work" analysis. 

the 5 minute analysis is cool but I do have one question.

I understand exactly what you're talking about it is also known as "analysis paralysis" the only way to get over it is to get out there and start putting some techniques you learned into place!

There may be more sophisticated programs (some that may offer analysis of each property, etc) but QB is fast, easy, and I can run several businesses and accounts with the program.

The whole experience (learning material, financial and property analysis, etc.) has convinced me that real estate is the industry I want to work in.However, I do not want to be a broker.