It appears he is doing deals most people can't do for multitudes of reasons.

@Marc Robinson numbers wise they will always appear to work.

The construction seems slow and could last up to a year.Here are my questions:1.How can I cover or conceal the metal screens to improve the appearance?

There are quite a number of things that can make utilizing an FHA loan more difficult such as more barriers during appraisal, appearance of low qualification/little cash, typically longer closing period, likely higher interest rate, and PMI cannot be dropped without a refinance if 3.5% down.That said, just chain 5% down conventional loans, and make sure your duplexes pay for themselves.  

.,) relative to all other applicants, but after showing them the property you have the distinct sense they'll be a difficult, high maintenance/game-the-system/treat-your-property-poorly tenant.Essentially: how do you stay on the right side of the law rejecting a tenant that appears to be the best applicant on paper, but to whom you don't want to rent based on unpleasant personal interactions or impressions that they would likely take poor care of your property?

The operating expenses in your report seem really high and some appear to be redundant.

I know her prediction doesn't state today, but for activity to jump in February and then again in May to June that doesn't appear to be in a common volume trend of a "normal" year if that exists anymore!

Personal criteria, building criteria and area criteria will all affect the way a deal appears on paper. two 100 unit apartment complexes, one in an A area and one in a C+ area will have very different financial breakdowns and interest groups.Want to know if a deal is good (for you)?

But NOT having renters insurance and allowing water leak is not OK in my book.The water damage in the ceiling appears minor (to the naked eye).

I'm not too hung up on this, because the margins still appear very attractive (from what the agent speculated ARV). my hesitancy stems from a lack of experience and direct steps/plan of action to take on a property I like.