I got started with SFR rentals, you certainly learn a lot along the way and adjust your plan from there, doing the math up front correctly cannot be understated. 

Sometimes the more understated you come across the better.

This understated premises awaits your strategic acquisition

The seller's Schedule E is a good start since sellers usually don't overstate income nor understate expenses on their tax return.I do want to note that the bottom line on a Schedule E is not "profit", it is taxable income/loss.  

I really should have a brochure or blog to reference for this question.Entity structures are state creatures under state law; IRS tax designations (s- or c-corp, or disregarded) are under federal law.In Texas, the only state in which I am licensed, foreign entities (an entity not created in Texas) must be domesticated in Texas. 

Answer: Yes, if you are a private non-profit with an effective ruling letter from the IRS, granting taxexemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or if youcan provide satisfactory evidence from the State that the non-revenue producingorganization or entity is a non-profit one organized or doing business under State law.However, a recipient that is principally engaged in teaching, instructing, counseling, orindoctrinating religion or religious beliefs, whether in a religious or secular setting, orprimarily engaged in political or lobbying activities is not eligible to receive an EIDL.

If you used your own investor super duper buyer friendly whiz bang contract and left out such damages, then the seller will be free to seek what ever damages may apply and justified by some attorney under state law that could end up being more than the usually agreed to penalties.I suggest you go to the lender and ask to see a blank note if you really must.The problem could arise since you don't really know what customary terms are that you'll form an uninformed opinion and just get cold feet.You will have three days prior to settlement to review documents, nothing will be changed unless there is an error.

Can't comment on this particular property cause I am in MD.However, when a similar deal is advertise for a Baltimore Property, the possible problems are as follows: understated repairs, overstated rent.

Not sure what these cottages are ( mobile homes/structures) but the expenses would be grossly understated for whatever it is....

@Shaun Weeks Yes, I underst this would be owner occupant.