@Dean HulsingOnce you understand the environment in which the business operates (local tenant population, average rents, physical and economic vacancy rates, the growth / decline of the local economy, the risk of the local economy (i.e. does most of the tenant population work for a single (cyclical, declining, growing) employer)), then you can compare the business (property) to its peers and evaluate its shortcomings and potential.After the above, you should be able to put a value on the business and, if it looks to be a profitable, long term venture, issue a Letter of Intent (LOI) with your offer and deal framework,  If accepted, you then dig-in and conduct the formal diligence.

I know that when I have been put in new technically challenging situations I have been able to figure them out and not only succeed but thrive. 

I can only imagine the challenge  of a live show!  

Cash flow may be challenging.

I follow the economy closely and feel the environment is still safe for investment, both in the stock and real estate markets.

Now, I challenge you to take another." - Dan PoynterLastly, don't forget that we are here to help and likewise learn from your contributions.

They acquire the right to "quiet enjoyment" of it, free of landlord interference, more or less the same as if they owned it - and *you* would be trespassing.It is also required that you provide a "habitable" environment. 

Now, I challenge you to take another." - Dan PoynterLastly, don't forget that we are here to help and likewise learn from your contributions.

In terms of yield I have to get it to 44K before it hits 10%.I cant get my spreadsheet to format in this post but at that rent it is right at the bottom of where a lot of out of state investors would buy so I think in the 50's could be a challenge.

The HOA property manager licensing bill was supposed to address the disclosure of the fee but not ending or limiting the amount or ability to challenge the fee: basically allowing things to continue as is.