Depending on the price you negotiate you may end up owning a piece of a great value add opportunity.Once you've started the negotiation with the seller then go to your mentor dude and tell him you're negotiating a great deal on a three property portfolio that could potentially be bought for X price that after a value add rehabilitation will rent for Y dollars per unit providing a new value of N when the refurbishment and re-tenanting is complete.Now is the time to work up a budget on what you think the refurbishment will cost per unit in each building, what exterior improvements will cost and what time frame and cost you will incur in getting the refurbished units rented to higher paying tenants.

Don't get bogged down in creating all these perfect little pieces before taking real action though.

My questions are: do you attach the addendum as just another piece of paper in addition to the regular contract and should it have a signature space?  

I'm going to cite a few things:I liked the design finishes and choices until I got to the huge bathroom in the basement, why a 5 piece in the basement?  

Instead of ripping all the crooked pieces of wall and wood and trimmings out, I should leave them.The floors are just planks which I thought was hideous... but leaving them in would actually add "value" no?

We were called in to pick up the pieces, which consisted of kicking all the current tenants out, doing a complete (expensive) rehab, and re-leasing the units.

That's why we offer so many options, and recommend a different mail piece each time.

I've been learning bits and pieces of real estate investing over the last 3 years, but have only started really focusing for the last year.  

1.Yes2.Yes3.Yes4.YesRemember your buying a Business not just a piece of real estate.

Any anecdotal or factual details about demographics and such would help guide the online research that I've started to piece together.