Yes Art, you will be subject to UBIT to the extent of debt taken as compared to the property value.

Usually many buildings "knocked" down doesn't really speak highly of the area. 

But our model may not be a fit for what he's trying to do.Always happy to provide some advice though.

Each year, the value depreciates, but you still need to pay for the land rent increase.

Ask your closing agent to provide just the Seller’s side to the Seller, if you are closing at the same place.  

They want “instant” equity purchasing a property for 50% of value with nothing down and “cash back” at closing.  

Rent Reporting Service to credit bureaus for the debt is effective and simple, pro is low cost, set and forget and high success rates, con is while you can report all unpaid rent you can't report damages unless they are quantified by an order from a landlord tenant board or small claims court.

Hey Alex,My name is Jagjit, and just like you I'm new to both RE investing and Biggerpockets.My plan is to start with multifamilies and I've talked to a couple of RE agents so far, and the conclusion I have is, in this high Interest rate market, its very difficult to find a cash-flow positive deal. 

Those sites are a good starting point, but I wouldn't underwrite anything solely based off those estimates.I would suggest Enemy method - Same bed/baths, Amenities offered are step one, but speak to other operators that have similar properties/amenities and compare numbers with them (That is true data not estimates)How well are you marketing and providing guest experience?

We charge a pet fee for visiting pets that is at the high end of boarding cost and at move out we charge to have HVAC professionally cleaned and carpets professionally cleaned (many of our units do not have any carpet) to place unit back in animal free state (many people are allergic to pet dander).