@Jeremy Taggart you can get this asset financed under an LLC, especially when using specialized lenders.

The seller's P&L is just the start regardless of what asset you're investing in.

Would you be able to recommend some asset managers or banks that I could start receiving tapes from ?

Look for value add, development opportunities, up and coming markets and undervalued assets. 

It's not pretty to model a 150 basis point increase in cap rates but the returns remain better than idle cash and certainly better than what will happen in non-real estate asset classes if that happens. 

They want someone full time on the business and not (divided interests).If an investor is trying to get away from their job and replace income with cash flow then taking on more headaches might make sense in the short term and then work their way up into more quality assets over time as net worth and cash flow grows.If instead of making 100k a year or less from their job they make 300k,500k, 1 million etc. then looking at alternative investments at less returns but more IRR growth on the back end can make sense.

@Alissa Reed @Alina T. touched on part of what you'll need to assess the Asset.

A recent podcast highlighted how much information can be obtained from public records.

Depending on your current overall tax situation, you might want to extract some of the equity (to gain some tax advantages) and redeploy it somewhere better (if you can do that) - then you should look into an asset based LOC or cash out refinance loan.  

Hi, see http://www.usa-nra-tax.com/setup.html which addresses this point, you can use a) if your country (see http://www.investor-realestate-accounts.com/wiki/InformationForForeignInvestor) has a tax treaty,  b) if sending W7 with filing, h) if asking for ITIN to obtain mortgage.Caveats apply so let us know what you find.