Pick up Dave Ramsey's book "The Total Money Makeover".

You should only ask for the last 12 months that contains all of the income and expenses by the month in detail, not a summary with nothing but totals. 

The tenant is a real piece of work - an alcoholic, a druggie, and a total liar.

This may be a silly question from a total newbie, but I'd appreciate your guidance.Hypothetical - I find a buy-and-hold property that, when I run the numbers, looks like a great deal (12% Cash on Cash ROI, ~$1,000/mo cashflow).  

@Matt GibsonThanks for replying Matt.I have spoken with 2 banks and they said they would not give me a mortgage for the property because the one unit needs 6 windows and some siding work outside.I have about 15k in cash which is not enough to buy the house but it’s enough to do the repairs and then refinance it.The bottom unit is renting for 600$ up unit it can be rented for 500$ and the back unit can be rented for 400$.So 1500$ total in rent.There are 3 duplex’s for sale near by with range from 109k-120k

If investors continue to hold the interest in the fund after Dec. 31, 2026, for at least a total of 10 years, they receive a step up in basis in the interest so their basis equals the fair market value; therefore, they are not taxed on any appreciation in their interest.

There’s maybe a total of 30 (duplexes, triplexes, and quadplexes) mostly everything out here is town homes or apartment complexes.

You just need to be confident that you can rent out the other units for at least as much as (and hopefully more than) your total property mortgage and expenses.

I have been calling her and texting her all day but she is totally nonreponsive.

If you are going with a traditional bank, your best bet is a smaller regional bank.