But it is what it is, and now it's time to do some things like an umbrella policy, better accounting system,  also looking at a series LLC and then a management LLC (wow, so much good information I have found here on those topics.

It looks at repeat home sales so you know what you are tracking versus say an area where new home sales are jacking prices up while old stucco homes lag the market.

I think the asking price is high considering the real noi versus the proforma noi. 

I think the dreamer / hobby-business aspect helps: Most people pick RS for certain reasons & entry/exit can be (rather) fluid-- it's not like most of us picked this major in college, and feel trapped in a system as a professional  we didn't understand as a teen-ager.

I know the right thing to do is to upgrade the system, but I'm predicting that this could be one of a number of points to be raised during negotiating, and if I say "I'm going to have to install hard-wired smoke detectors with interconnection between units" I want to make sure I'm right.

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I know this because I have installed these systems myself and also talked  with 2 engineers about it.  

the real value in the LLC is tax benefit of corporate tax rates and structure versus personal tax returns and asset protection.

We did  have  any systems that were dated or of concern inspected separately.  

The reason is lots of investors try all kinds of wacky things to get a deal closed versus the more traditional real estate of buying and selling residential homes in a normal home seller / home buyer capacity.