Thomas S.The fact that he owns the property and has some of the actual expense data, would you still use 30% to analyze future expenses?

Although the how it works section seems really detailed and kind of opened my mind up to what to ask from sellers so I can obtain actual data vs the Pro Forma Data....

In my market the buyer pays 100% of the title companies fees, but 50% of the transfer and recordation fees.

There's not much the lenders can do based on my preliminary estimated numbers so until I have the formal pro-forma data from the feasibility analysis, that will have to go on the back burner.

Or if none of these work with her permission go to the seller directly to see if they'll transfer the contract.

It's exactly that.When I see those stunningly low rates, invariably the underwriter can't tell me how many ways Fannie Mae calculates rental income and when each way is applicable, she can't tell me about net loss carryover, if I'm lucky she knows that you add back depreciation, she can't tell me about how to calculate Patronage Income for all the Berkeley-ites that work at worker-owned socialist co-ops, she can't tell me how much you add back for each business mile driven showing up on page 2 of Schedule C of tax returns, she doesn't know how Fannie and Freddie vary for S Corps, has no idea how transfer taxes work in the Bay Area because she is in Narnia, can't tell me anything about the California Association of Realtors Residential Purchase Agreement, et cetera. 

I've been working probates for a long time and what you need to understand is the basics of the process and the ability to connect with family members and nurture them until they are ready to sell.Since a deceased person cannot transfer title to you now (absent an estate with a properly executed trust in place) the property will need to go through some form of probate. 

I know In California for residential properties you need a transfer disclosure statement, lead based paint, natural hazards, etc...but what about for vacant land? 

@Naoemi Contreras-WoodsYou can learn more about prohibited transaction rules by visiting the following IRS link. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactionsAlso, consider opening a solo 401k and transferring the IRA into it.

Ok I have some more data.