A generic lease from Legal Zoom is probably sufficient to comply with the law but it's probably not the best lease you could have.

Being that you are looking to add value here, you might also want to include an interest rate reserve (basically hold a couple of months of debt service in cash) in order meet the debt service in times of unexpected distress.After factoring these things in, your current price you have under contract may still be sufficient for your personal return criteria, or you may have to revise your offer price downwards.Let me know if you have any questions!

He has four full-time GC's that only work for him, so we have sufficient workforce to do more deals.

@Joseph Chillemi  The vast majority of home sales are not double-ended (where you find the buyer for your own listing).  

The VAST majority of residential SFDs go through an MLS. 

Rents will vary vastly based on location, and even if you have the nicest house in that neighborhood, it doesn't mean you will get "market rent" on your newly updated property.3. 

The higher the number the fewer I run across in that category.If you do work with a broker make sure they are experienced and have a vast network and system to help you successfully find the best property to buy especially at these cash investment levels.Hope it helps.

In my experience what I learned is that an FHA loan on a triplex (or quadplex) must meet a self-sufficiency test.  75% of the rental income from the two rental units you're not living in must be greater than your PITI (Principal, Interest, Taxes, and Insurance).

I'll look into that.So far I like the property and the initial numbers, and more importantly the partners that I've met with thus far seem to be easy to work with and have been able to answer all my questions sufficiently.

She is unlikely to care for the rental the way a self-sufficient person would.