If we find one, how do we present the deal to a hard money lender?

We network and have a presenter or round table discussion for area investors.

Just talk with people and show honest genuine concern and you will be amazed at the opportunities that will magically present themselves.

There is no lease that will transfer and you will present a new lease to the tenant at close.

Rental property will present you many different "hidden"benefits but you almost have to own it to know it. 

You can bid if you have cash, if not, being present you can garner good information.

I think aside from the expenses others have pointed out, keep a conservative eye on the 11500 for annual maint they presented to you. that number could be significantly higher in future years on an older building. for peace of mind I would say not to calculate offers on less than 50% total expense:income ratio.expensesyrly amtpct of total incomegas36000.020602elec15000.008584taxes300000.17168ins100000.057227maint115000.065811cap ex57500.032905mgmt fee116500.066669landscaping50000.028613acct/legal15000.008584total expenses805000.460674

On the other hand I'm confident I can put together a great package on the right deal in order to present to an investor friend of mine that could fund the purchase and rehab.

That's a 15% return on the deal, or 45% annually.That's the definition of an honest single to me.However, it all depends on if you comped it right, because if you presented the deal to me with the words "zillow comps", all you would hear from me is a click.

Since rents overlap on occasion, and since the applicants are aware of this, I find it easier not to call present landlord.I have no problem receiving calls from landlords as long as they have signed approval, in writing, to give out information.