The other issue is utilities, if you get stuck paying a bunch of utilities, than that could get costly.Be sure to confirm with the city the unit count before you buy. and Also make sure the unit is not condemned. 

Dense area with over 200k residents within a 3-mile radiusBusy traffic counts of over 20k cars per day - makes it a desirable location for any tenant and guarantees business for the tenant 6.75% cap rate with 6yrs remaining on lease and 5-5yr optSurrounded by a combined 4 elementary and middle schools - makes it a desirable location for any tenant and guarantees business for the tenant Just note, this is a NNN lease with tenant paying all taxes, insurance and interior maintenance.

The roof replacement, if done in the previous or same year as your refinance, will count as a one-time exception to the lender and won't count against your income.

That there was minimum damage is an added bonus.Get a deposit next time and count your blessings.

Not his.Overleverage: most individual re investors starting out are encouraged to have 80%+ leverage on their properties (higher if you count the credit cards), when 70%+ is pretty rowdy for an institutional investor, and 50% is generally thought of as reasonable in institutional circles.

@Dave Craig can you share what you have been presented and the details of the deal (purchase price, unit count, etc)? 

Does that count as a "major renovation or home improvement" that would trigger 80%?

You could attempt to recover that money from the tenant that didn't leave, but I wouldn't count on it.If it were my property, I would leave some space between the last tenant leaving and new tenant coming in, at least a few days to allow for proper cleaning and repair of anything that needs done.

Any LLC which has at least 1 unaccredited member also counts as an additional unaccredited member.

There are a lot of shady contractors, many bad property managers and more wholesalers then you can count.