I created my own Excel (for giving a rough number for JV). and how do you share the income and expense and profits.I understand, with experienced investors with more properties, its different ball game.

Preliminary calculations show the nation’s occupied apartment count up by more than 30,000 units in February (whereas there typically is no or very little net demand when U.S. temperatures are at their lowest).

My wife and I are looking to purchase our first rental property to get the ball rolling, as this is how we have decided to build for our future with us and our 1 year old twin daughters.We have financing and our realtor lined up and ready to go, but definitely wanted to utilize the connections we could make here at Biggerpockets, and not just the listings we see on the MLS. 

I get the sense the sellers would take a low ball offer if I agreed to take on the tenant (indications are that he pays but who knows), looking for any expert feedback anyone may have on this situation.

I checked the tax records and noticed 2 years worth of back taxes so I figured they would accept a low ball offer.

There are many reasons to take out a 5-, 7-, or 10-year loan, just beware that short-term financing means you'll need to refinance more often.Whether your timing is driven by a maturity deadline or a completion of renovations, you should start getting your ducks in order about three months before you plan to refinance your multifamily property.Present a clear picture of your property and tenantsLenders will be doing their own due diligence on you and your property once you get the ball rolling, but you can help the process go smoothly by being prepared.

This was just based on some ball park quotes I received for the work I wanted to get done.

I feel a bit like this is the calm before the storm haha but we would like to get the ball moving sooner rather than later, so any advice from people is appreciated.

Very good questions and while some of them are 'if I had a crystal ball' type...

I am more than happy playing small ball and ending up with a piece of land worth 20K that I will net 15K profit after a 4-5 year process.