At the end of the convo, give them the official 30 day notice, and explicitly state that you have to give them that because of silly Illinois laws and that it is just memorializing your conversation...doing so helps keep the conversation more casual vs adversarial.To note: If you get a door slammed in your face, the tenant calls the police on you (happened to me twice now), or any other sort of aggressive response from the tenant, the approach will be completely different from that point onward.

the issue is what would be considered the official close date the day you won the bid on or the date you take title.  

1 Million Dollars at a 10% cap is roughly 10 Million dollars in real estate, you'll have to leverage 3 Million of your own investment money, the rest is covered by banks or investors.

The rest is just ego, pride, desire for social acceptance, image and need for admiration.

In the context of appreciation, loan payoff, etc... coc roi becomes less relevant, but for a conservative investor I tend to focus on cash on cash ROI and the rest is an extra bonus.

Basically, I am using 10% of the current potential income as the vacancy rate and 55% of the rest as repairs and maintenance, i.e., NOI = current_potential_income * 90% * (100%-55%).

I put 3,000 down and financed the rest through a bank.Lessons learned?

My problem is the asking price is high and I cannot find comps for an appraised value to give an official offer.

I've saved up a little over 5,000 dollars and I plan to live in one of the units and rent the rest out.

In regards to RUBS, one of the tenants has been there 12 years without paying her utilities and the rest have been there at least a year or two without it.