Thus, if you operate in New York, you may record a conversation or phone call if you are a party to the conversation or you get permission from one party to the conversation in advance.Security cameras are treated as phones for recording purposes.

Whether it's Memphis or any other US market it is first important to do your due diligence on the market first then find your operator!

In order to only pay Indiana state income tax and not CA, we were going to create an administrative management company to operate it in CA that would handle our CA employees/office/ marketing operations, etc... but it looks like there were some changes to nexus laws that focus on point of sale to source the business.

Request from the seller their Profit & Loss Statement from the last 12 months and the rent roll.Then, you can see the current income/expenses to know what current profit it makes.Then, you need to look at what the cap rates are in the area based on comp propertiesOnce you find that out, Take the profit/net operating income and divide it by the cap rate.So say it makes $20,000 profit and the cap rates in the area are 6%$20,000 / 6%  = $333k (value of building and your offer price)There are a few more factors but that should provide you with enough info on how to find the value of the building

Need operating docs etc advice

If you're looking for rental ready / Financeable properties on the market they're not really going to "work" for most investors operating on formulas. 

Understand that the biggest thing that I tell people about BRRRR is the need to have some kind of liquidity for operating reserves.

You should have no problem finding 1% in all the midwest states where Turnkey companies are operating.

Also, don't forget, on a buy and hold I am also getting a return on the principle pay-down (which my tenant is paying), and will be able to claim a tax deduction for the net operating loss from the depreciation.

That being said, there are several other niche factors in operations and valuation for multifamily vs MHP, but MHP have less supply in solid markets which is makes the ability to scale much more difficult.