How can we accurately perform a market analysis to ensure we are investing in the correct locations?

Due to the inherent characteristic of this type of siding to deteriorate if not properly maintained and the difficulty in detecting all damaged areas, a qualified siding installer should perform a more in-depth evaluation.

Cash flow is only one metric of performance of an investment.

Investors are better off losing the deal than getting into a situation where major repairs come as a surprise after the fact.Likewise, investors are ahead of the game when they do their due diligence on the contractors performing the rehab work.

The IRS is consistently very suspicious of that as a way for you to inappropriately access profit. 1.

The deal consist of 22 units which all have long term tenants.

California now has a pretty onerous brightline test of sorts after the Dynamex case last year in the CA supreme court.A hired worker will be considered to be an employee unless it can be shown the worker passes ALL of the following test:1) The worker is free from the directions and control of the hirer in connection with the performance of the work, both under the contract for the work and in fact;2) The worker performs work that is outside the usual course of the hiring entity's business; and 3) The worker is customarily engaged in an independently established trade, occupation, or business of the same nature as the worked performed for the hiring entity.Note this is a lot more restrictive than the federal "questionnaire" for an employee vs IC determination. 

Performing as expected as a long term hold Lessons learned?

It consists of two buildings he has mortgaged and one building which is much larger that is owned by another party (it's a multimillion dollar downtown building that's out of my reach to purchase).

To paraphrase this idea - your outsourced accounting partner should by performing the work and proactively providing solutions, as opposed to giving you items to research.