You guys are on track to slaughter the competition :D

4)  Take a look at a map and ask which areas he/she would consider A/B/C/D areas.5)  What are the typical cap rates in the area (if you're looking for commercial)?

Typically in Memphis, MF's are C and D class units located in C and D class areas.  

C/D, vinyl is probably safer.

@Rick D. - do the normal stuff like appraisal and home inspection.

If you are in a C/D area you will also likely be targeting C/D tenants, an A tenant likely wont' want to live there. 

One part of our business is advising and placing clients in Reg D and 501(C) private placements like DSTs, alts, and oil & gas mineral rights.

At first I thought it was a dealbreaker, but then I measured the dimenions of my own W/D and then went back to the REO, to get some idea of whether tenants could fit their machines in there.

On C and D I prefer month to month, these type tenants have financial problems, don't mind breaking a lease, and in some jurisdictions may be easier to evict with a month to month lease.

So Thank you BP for your sharing your incredibly in depth experiences sans sugar-coating :D Is there anybody looking for a real estate apprentice on the big island?