Expense/Net SheetMonthly Income $7,070.00Monthly Expense Utility $190.00Lawn Care/Snow Removal $25.00Trash Removal $67.00Advertising $0.00 Craigslist and signage in yardInsurance $235.00Odd/End Repairs $75.00Total $592.00Yearly Annual Income $84,840.00Yearly Annual Expense $7,104.00Property 2014 Taxes $14,844.46Yearly Profit $62,891.54Unit Bedroom Bath Stove Fridge Dishwasher Microwave Washer Dryer409 #1 2 1 Y Y N N N N Y 2008 2001 2002409 #2 2 1 Y Y N N N N Y 2008 2001 2002409 #3 2 1 Y Y N N N N Y 2008 2001 2002409 #4 2 1 Y Y N N N N Y 2008 2001 2002401 3 2 Y Y Y N Y Y N 1997 1997 1997403 3 2 Y Y Y Y Y Y N 1997 1997 1997405 3 2 Y Y Y Y Y Y N 1997 1997 1997407 3 2 Y Y Y N Y Y N 1997 1997 1997Garage and Common Area Electric is paid for by Landlord *I assume this is the $190 / month utility figure listed in the monthly expenses.*$208/quarter for dumpster *I'm not sure if trash collection is this or if we have to add another $70 per month for the dumpster.

Things like utilities are a given, but I want to avoid signing and realizing that I've missed something out, or should have considered something that I didn't.

If any of it is utilities or something that in any way could be amounts owed to a landlord, that is a red flag.How long has she lived at her current place?  

There will be a luxury outlet retail center that is going to be built on the water in the coming yearAs a Realtor, I can say: Due to Fair Housing laws I am unable to discuss the people of the areas only the property.

Does anyone have experience with these, if so I'd love to hear more about them as I would utilize this type of collection system for my rents once I get in the game. 

Buying or paying retail for real estate does not make for profitable situations unless the building you are buying has utility for your purpose.I disagree with the waiting for appreciation! 

I amy be a bit biased, but after working with investors form all over the globe, the one thing I have learned is that the venture is largely hinged on the front end of the transaction that  utilizing a reliable higher local provider with sophisticated operations and systems not just plans of how they will help you acquire, repair and pas you along to a magnet company.

However I would prefer to utilize some leverage.  

Let's say company net assets in bank is $40,000.00 creating a system quarterly that will utilize 20% of that towards marketing.So January, February, March - $8,000.00 total between Direct Mail campaigns and other forms of marketing.  

If you turn your building into 2 condo's, then the comps you mention might be able to be utilized.