Without that data its impossible to come up with an offer.

Advertise to get a property, get the property under contract. then market it to an investors, if its a good deal, the investors in your data base may want it.The only problem is i have not made a single dollar Whole selling. $0Ouch.

The most important data point that you have left out is the rent you will get per month.Normally, know the rent that you can charge before you even make an offer.

Any place you could afford to buy just starting out would probably not be the kind of location that would ensure the success of your store (high-end shoes require high-end buyers, who will not be hanging around in low-rent areas, right?)

Many newer folks use their own RE agent to ensure that someone is representing their interest.

Realty Trash = garbage data = useless information

Lastly, any recommendations on how hard my friend should push back on this or any other questions he should be asking to ensure that any risk is mitigated?

Jennifer,Yes, you will be required to file a tax return due to the amount of income you earned regardless of what the net income may be.You should file it regardless of profit or loss to ensure you start the statute of limitations for audit.

You may want to ensure your not buying someones litigation landmine.

I hesitate to mention how loans can be designed sometimes as I know we have a bunch of "thinkers" here that may jump on something thinking they will know how to DIY something, so I really suggest the use of a mortgage originator to ensure affordability and an attorney as to compliance!