Typically they will have referrals to local accountants you can interview. 

It would definitely be fraud if this was the case, a recent post from an auctioneer talked about this exact situation, where they said the auctioneer was liable (different bedrooms/type of home example you don't have to read it) States would differ though and it doesn't seem black and white. https://mikebrandlyauctioneer.wordpress.com/2022/07/12/no-li...I do agree with you that it could very well lead to being burnt, however.

Whats a typical multiple for such asset?

And then also do you typically repay each partner their upfront costs from the profits before then distributing profits?

To ensure you’re not overpaying, compare these quotes to typical rates in the area using resources like HomeAdvisor or Thumbtack, or by reaching out to local contractors for ballpark estimates.

But the value here isn’t in quick gains—it’s in long-term, passive income.Here’s what investors typically gain:✅ Cash flow – Rent covers expenses and (ideally) leaves profit every month.✅ Appreciation – Over time, the property value increases, adding to your wealth.✅ Tax benefits – Depreciation, mortgage interest deductions, and write-offs help offset costs.✅ Leverage – Financing lets you acquire assets without tying up all your capital.Is It Worth It?

Most investors have rose-colored-glasses when it comes to their neighborhood quality.

Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

. - Just be prepared, because a motivated seller typically has a property with issues you need to be sure you can solve.

Typically 75% of rental income can be applied towards your DTI for qualification.