@Thomas ClarkA ton of ways to fail but here are some:1) Bad landlording including not screening tenants right, letting them do things you shouldn't have etc. vacancies, evictions and/or tenant damage can kill.

Can a tenants in common agreement include an arrangement that would allow me to buy "shares" of ownership over time?

Of course banks were closed but they could have paid Saturday or any number of other days the bank was open.So I email them and ask that if they have paid to disregard my email but if they have not, since rent was now late (I only accept rent deposited in a business checking account) to include the $25 late fee ($15 general late fee + $10 per day late). 

The lot is included in the purchase

This might include things like intent at the time of purchase, time held, whether a property was marketed for sale, frequency of such transactions, whether you are personally flipping houses separate from the plan, etc.If your IRA is flipping properties on a regular basis, then you will surely want to speak with your licensed tax advisor to be sure you understand the ramifications of UBIT taxation, and whether this tax on the gains from flipping will still leave your IRA with better returns than other options, or if you might need to look at different strategies for the IRA such as long term rentals or hard money lending.

Especially if your original offer didn't include those repairs!  

That price included pumping, chemically treating, and ultimately collapsing the septic tank, directional boring 3/4 of the way around the house (.39 acre lot), two cleanouts installed, and he even removed a damaged cast iron stack pipe which had cracked in my foundation and updated it to PVC at no charge.I gave the overpriced $4,000 water equipment to a friend who had suffered from hard water and haven't had an issue with my new city water/sewer setup yet.Contact me if you'd like to chat further.

I wouldn't buy incoming website leads from another company.I would buy leads that include data like "absentee owner" or "out-of-state owner" or 55+ years old owners, etc.

I personally don't like all utilities included, especially not heat and electric.  

To determine the cap rate 1) Calculate the yearly gross income which in your case is $68,520.00 check the books make sure rent roll shows the rents are as stated.2) Subtract the operating Expenses not to include mortgage and interest =$28,936.803) Net Income = $68,520-28,936.80 = $39,583.204) Cap rate = Net Income divided by purchase price $39,583.20/400,000= 9.8958%Investors usually will use cap rates to compare properties in a neighborhood.