I also don't belive any of the money he collected as income has been reported to the IRS.What exactly is he guilty of and what would you do?

As long as the data says yes (DOM's, price, etc...).Thanks,-Manuel

Having said that, you can absolutely provide data to the seller to explain how you came to the price of your offer, but you need to have access to that data and understand how to comp properties.

June 2010 - March 2011 I received a total of 3 months rent.April 2011 - May 2012 I received 0.June 2012 - present I am collecting rent.The 3 months worth of rent at the beginning were paid in cash by a roommate.

I go there once a month to collect from the drop box, sign a lease with new tenants, or whatever else needs to be done.

Around here PM's charge 10% of collected rents plus half a month to fill a vacancy.

Found this couple who individually has low income but has a decent combined income, no recent issues , no evictions ever, not great credit but no past due bills or collections in last 2-3 yrs ( the wife had collection issue prior to 2-3 yrs while studying), very good rental reference, verified employment reference.

Typically 8-10% of collected gross rental cash flowC.

I'd say you need a minimum of 3 months of research, a couple of hours a night / day.You need to look at craigslist, your local MLS enabled real estate sites, zillow, trulia, city-data.

(I do like the idea of looking for another Ins Co.).The cop might cost $100 for the hour or for service, throw that on the costs of collection.