@Nicholas Lohr this is the 2nd time I look at Austin for a closer look but looks like I'm almost back to Sac again... 

Do quarterly inspections, eliminate all factors that will be a issue, fridges with water lines for example, and tenant proof your properties with the proper materials.

I would say not doing inspections often enough and small problems turning in to expensive problems.I do all my own property management (its is about have systems in place and automating as much as possible)When I do have a vacancy, I turn it around in less than a week, sometimes only a day or so.I tend to have tenants that stay a long time.

We are hopeful to see that drop further closer to $700 after a refi out of the FHA loan.  

Regarding my estimate, there are a few areas where I might not be saavy in myself, however, I am hoping I can have the time to do a full in person inspection with my boss for a more accurate number.

One issue came up and need your help:The stabilized value will be $20M Debt: $12MI was going to raise $4M for 50% and keep the other 50% (I really like the space-great credit tenant-I pushed hard to get 4.5% increase - newer built-best location etc.)TAX issue: My basis in the asset is closer to $5M (50%=2.5M) when raising $4M for 50%, how can I structure to not incur a taxable event?

How are pre-purchase inspections handled and who performs them?

Those are not facts, they are teaser lines.Whats the condition of the property, have you inspected it. whats the financials look like ?

I’m buying my third investment property, however, my offer was with no contingencies (no inspection report).

Generally closing costs in my area not including pre-paids are going to be closer to $2500 plus pro-rated taxes and the year of insurance up front.