With my guidance he was able to walk away with $450k in profit.

@Stephanie York  My clients often buy sight unseen, but I usually do a walk through and send them video.

I got an answer of "phone book" one time.All white interior paint schemes - see this during your walk throughDated lighting and plumbing fixtures - see during walk through100% occupancy (can suggest below market rents) - will show on rent roll and trailing 12 month P&LAll rents in increments of $25 (a lot of money to be made in smaller increments) - on rent roll2 - 10 year residents at rent rates below new tenants - on rent rollNo late fees in the P&L - on P&LSelf maintenance - ask owner/broker

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex.

to walk the property and develop a bid for all items that need repair/upgrading. 

First, that investor telling you of a minimum IRR doesn't have a clue, IRR is rather irrelevant especially to predict, no one really knows what the IRR will be until the future.If you're going to look at the IRR, that 5K isn't your total investment, it's an additional 5K you put in to restructure your financing. 

Would it be against the law to copy those few lines and add it to ezlandlordforms lease?

Just make sure you screen tenants properly, and they will be a welcome addition to the neighborhood.