Additionally, have you considered closing costs, repairs, maintenance, taxes and utilities?

Pools require almost daily maintenance in the summer, and good luck getting tenants to agree on shared responsibility for it! 

It’s common sense.

We put 1k a month into the fund, and it's used for repairs, maintenance and other expenses, not counting taxes, insurance or mortgages. 

My Question is, is this common for Conventional financing lenders to not use apartment building leases as income until our taxes are filed the next year?

The properties appear to be in great shape with maintenance records.The bank, a CU, also said they could help me to pay the 20% down by refinancing my paid off personal home so I could hold onto my cash.I'm just in the beginning stages of looking into this. 

So if one investor was selling a property for $100K and the other was selling a property for $200K they would need to purchase a property for at least $300K and investor A would need to take title as a tenant in common to 1/3rd of the property while investor B would take title to $2/3rds of the property as tenants in common.Once the 1031s have completed and cleared the two investors could continue as tenants in common and when they sell they could stay together or separate again. 

Yes, this is true, a requirement from FHA which insured the loan, quite common.

@Timothy Neafsey tel them you did the drive by, and it looks like there are many diffed maintenance in the property. 

Is it common to proceed UD with the nonsense repairs ( outstanding repairs) the tenant’s claiming, surely everyone has common sense sees what’s going on?