Also, "Class C" is a catch all for sellers to refer to their D or F class property since its a classification with no real borders.At the end of the day, building a model and throwing some numbers in is easy. 

Once you buy one, you'll probably buy more.Some suggestions:1) Us Quickbooks and set up Classes for each property and subclasses for each unit. 2) Scan EVERYTHING to either Google Drive or Dropbox. 3) Create a consistent folder-tree convention, example:   Main_123 (property address with street name first)   -General Property Info   --Insurance   --Property Taxes   --Title Docs   --LLC DOcs   --Purchase Docs   --Loan Docs-Utilities-Maintenance-Leases   --Folder (LastName_FirstInitial)-Advertising-Rental License-InspectionsAppliances & Mechanicals (pics, model tags, warranties, etc)4) Create list of consistent naming conventions for files so you don't have to open themExample: yyyy-mm-dd Main_123 Water Bill mm-dd to mm-dd $xx.xx               Lease Main_W_123_#unit (LastName_1stInitial) $RentAmount EXP yyyy-mm-dd5) Create a great lease by reviewing several from online, then have attorney review for compliance with state & local laws.

. $6000/10 years lifespan/12months in a year=$50 per month for 1 item.

(replace a faucet & a hose bib)The receipt was not itemized - just a vendor invoice for parts & labor combined.Is this 'standard' practice for PM companies?  

The seller noted this in the disclosure but did not provide detailed comments and the inspector noted some wood rot but did not mark it as an urgent item.

They aren't that big of ticket items, but I would do a walk through now.This is your opportunity to build a rapport with the tenant.

What are some good resources to learn this model of real estate?

I am interested in learning about how they do that and their experience with the investment model. 

Just as I start looking for properties, this news item crops up today:https://www.cbs17.com/news/loc...For those who may not want to go to the link, or the link goes stale, a residential development in my area went through a HOA change-of-mgmt, from the developer to a different composition of Board members.  

Definitely check out Storage Rebellion, otherwise there are free models on Adventures in CRE .com great for underwriting. and we're great for legal review :)