This thread has been incredibly helpful as I've been trying to understand all that is involved in valuing an apartment.

You're just paying with pre-tax dollars rather than after tax dollars.Further, there are costs involved with buying and HUGE costs involved with selling.Don't fall for the BS the real estate industry puts out. 

FHLB 5 year rate is 3.08+2.25 spread (YMMV but it will be similar method of computing rate) so at least 5.4% I'd bake in 6 to be safe as these can take a while to close.loan fees--call it 12KClosing costs will be a lot more than 3K--you need an appraisal at least at 1500 and maybe more, you will need the partnership agreement drafted (welcome to lawyer land!)

Hey guys - I will be signing new tenants for my newly-renovated property and I am wondering if anyone has any AWESOME rent receipts, or methods for proof of payment for a Ledger that I can document?

There's a world of opportunity out there, learn as much as you can, get involved with discussions and post up any questions you want answered.

Whether a Roth conversion makes sense to any one investor is a complex matter involving so many factors such as age, income, value being converted, cost of conversion, projected future tax bracket, etc.The cost of the the conversion would be determined based the appraised value of a property, less the outstanding debt. 

@Garrett Wilson, if you were "buying directly from the seller", how on earth did the wholesaler get involved?

Do I just work with zoning for that or would the design/build people get involved this early in the process? 

If you are risk adverse real estate, (especially out of state) is not for you.As for horror stories you'll end up involved in those no matter where you invest.

The one that was a pain was the one that a real estate agent was involved