It is our job to analyze the market and take advantage of the best opportunities that it presents......if you lock yourself into one type of investment (buy and hold, lets say), then you do yourself a disservice by also locking yourself into a specific geographic region that doesn't necessarily present the proper conditions for that type of investment to thrive.

He could claim it was in that condition when he rented it . 

But I don't know the size of the property or the condition.

This is a value add deal and is not bank financeable due to condition, mismanagement, and lack of documentation.

I'm not talking about market conditions, financials, comps, etc.  

I have my sights and heart on the 4b2b for 550k (I can probably get it for a less due to it's condition and needed reno ), the house is in poor shape, the resident is a stage 10 CODE RED hoarder, but in the perfect neighborhood.

The central air conditioning is not working in my rental in Aurora, CO Thanks, -Darren

Condition of the roof?

I basically pulled comps and did my own appraisal based on rents and conditions of the buildings...they had them assessed in some cases 30 or 40K higher than what was realistic.  

In addition to asking if they paid rent on time, you want to ask if there were any difficulties during the lease and if they left the property in good condition.