I worked 10 years for the consulting arm of a big 4 accounting firm, helping Global Investment Banks, Insurance Firms, Multinational Asset Managers, and Hedge Funds improve their back office operations, specializing in implementing investment performance measurement systems.

Bad areas have their challenges but there are ways to invest properly and and you can even improve the property and the tenants in the property if operated properly.Management is the number one factor.

It seems that they operate with lots of search filters rather than keywords.

Luke M. makes some really great points, get the trailing financials so you can make better understanding of how the building is operating.

1- Termite Inspector2- Property Manager (who ideally is located/ specializes in the Westwood area)3- RE attorney- for forming an LLC and operating agreement.

To get a NOI you need operating expenses.  50% rule is for determining cash flow.  

As a business entity such as an S Corp or LLC, you pay part (deducted from your paychecks) and the business pays part (as an operating expense). 

He argued that since he was not the owner or operator, but simply the manager, that he shouldn't be held responsible for the property conditions. 

Welcome to BiggerPockets @Randy,I am relatively new as well, but already feel at home here, Interested in buy and hold multi family properties and short term letting.Best of luck expanding your operation.

@Rich Ngyou can have one account for all of your security deposits as long as it is separate from your operating account.