To verify, you could check the credit report of the borrower which should tell you if the borrower is paying the first.  

When running my rental property reports the results show "0 bedrooms and 0 bath"?

Greetings, I recently watched a video about title reports in order to learn more about them.https://www.youtube.com/watch?

I always report my expenses exactly as they are.  

I was browsing the web looking for different deals and yada yada yada i see this advertisement for a 2 day special auction where 150 sandy damaged homes and lots will be auctioned and 24 with water views and 70 with actuall water frontage bulkhead etc... the cheaper ones had pre storm values 220k-550k and starting bid under 100k but not on the waterthe waterfront homes with that start under 100k are all scheduled for demolition HOWEVER there are a few starting 110k-240k with pre storm values of 450k- 1.2million...So they had the brochure for free on the line but make you purchase a information package with all the due diligence from title reports to sales agreement for the properties...So personally i will not consider a property scheduled for demolition.....

Did you see the report that his contractor came up with?

When you find a few notes you are interested in possibly buying order an O&E report to see what outstanding liens are against the property and request a pay history before paying.

However, the Raytown area intrigues me with the really strong cashflow and COC return numbers that most turnkey providers report.

From a tax point of view, if this is not fair market rent, the IRS could disallow any rental losses on this property and/or increase your taxable income upon audit.If this is way below fair market rent, you'll need to report the rental income on it as though it were fair market.  

This can speed up obtaining a Paydex score (need 3 tradelines reporting to D&B).