It was very difficult to get any info about the tenants before we purchased the property and soon after we purchased it the tenants in one house moved out.I realize this is a very small sample size to draw any conclusions from, but I guess I want to challenge the belief that it is better for the owner that the tenant not to know who he or she is.

Same approx. net to seller (minus about $15 per $1000 for increased difference on doc stamps of deed and Owner's Title Policy)WHAT IF SELLER HAS TO PAY CAP GAINS TAX ON THE PROPERTY?   

Vacancy, legal, accounting, advertising, screening, property management, utilities when vacant, routine maintenance, turn over costs, cap expenses, insurance, etc.

I'm interested in purchasing my unit but read in the DetroitFreePress that getting a condo mortgage is difficult because not all lenders will finance many condo purchases.

@Christine H.To me, it would be a dealbreaker.Buying a multifamily on the basis of price appreciation is speculation.House price could keep rising and you end up making money (recouping some of your loss in the meantime) or there could a downturn and you'll lose more money when you decide to sell in.If you go ahead with the purchase of that property, you would have to feed that property with cash _every_ single month.Any expenses that you failed to initially account for will have to come out of your pocket.Increasing the rent might be difficult especially if you have tenants who have been living in the property who many years, because of the rent control.

NOI 38k gives me a cap rate of 12%.

$1450 + $1250 = $2,700 per month$350K @ 5% = $1,879 per month 2% property tax = $583 per month $2,700 - $1,879 - $583 = $237That’s $237 for insurance, vacancy, maintenance, cap-ex, maybe property management, etc.Or do get even more simple, $237 * 12 = $2,844 which means that one month of vacancy means all of those other categories above (including mandatory things like insurance) are all out of pocket.

Even after cap-ex holdbacks and all of that other fun stuff?

From a financing perspective, I guess it is more difficult to borrow from banks against self storage facility to increase leverage, as compared to borrowing against residential rental property. 

Any other analysis you do presumes you understand how much investors are willing to pay for certain cash flows in your market (cap rates), that your analysis accurately represents that, and that your end buyers don't know or understand these things--which is not really wholesaling then, is it?