They had been there 2.5 years, are excellent tenants, pay early, and are better than the neighborhood.

The other house we looked at was an excellent deal and we were so upset as the day we looked at it they took it off the market and we couldn't put in an offer.

Now that would be bread and butter, leave you with excellent cash flow.

Jordan,There are single,double,and triple net leases.The ability to re-purpose the building fast and cheaply is key.Certain corporate tenants with the building design if they go out you have massive costs to get it to a rentable state for another tenant type.Case in point I know a Sonic building that has sat as a foreclosure for a year.To re-purpose it you would have to take out the drive thru stalls and the building itself is so small you can't do much with it.One key area I didn't see touched on is that YES with a TRUE triple net you do not pay for anything.With other single or doubles you might get a little more but pay for expenses so it's almost a wash in the end.The lease is guaranteed and you get mailbox money.The down side is these tenants have rents stay the same amount for long periods of time before any increases and when it does increase the rate is marginal.So when inflation kicks in year after year the returns are diminishing.If you are trying to protect your money they can be an excellent investment.Tell us more about your situation which will help.I like corner locations or right next to the corner as they hold value and are easier to re-purpose and re-rent.Even though the rent doesn't increase as much the land should be way more valuable in time unless the area dies off and growth migrates elsewhere.You can also assume loans at sometimes 90 ltv putting down just 10%.The reason is lenders see these loans as having little risk and low chance of default.I specialize in multi-family and also triple net so contact me with any questions you have.

I highly recommend the book "FLIP" as it identifies those tasks for you and also provides an excellent workflow chart to keep the process as efficient as possible.

ATC uses what they call "flight strips" a paper on a sliding block that fits in a rack that slides down and allows the controller to work the rack until all the strips reach the bottom and are then pulled off.

If you haven't yet, I would recommend checking out the BP podcasts, they are an excellent resource in addition to the forums and blogs.

Both excellent reads.Read everything you can.Paul

@Mark F. excellent question...I've learned a lot about property analysis from podcasts, books etc., but there are certain aspects of property analysis that I've had to learn mostly from experience.I often think of property analysis in two ways: First is "the paper assessment" (which includes the P/L spreadsheets, the appraisal, SQ footage, data on the local market, and all other info that can be easily conveyed on paper--or at least on a computer). 

Easy, and excellent customer service.