Though one minor detail is that "1099 employee" is probably not the correct terminology - one is usually either an employee (W-2) or a 1099 independent contractor.

Great question, it is very important to gather all the correct information and documents from the seller if you are taking over tenants.

By observing your business, I can confirm or correct my plans and systems.

However used correctly the buyer is not leaving a ton of money on the table and pays the most over any other buyer.. as their price beats the next highest and best by a set amount of money. if other offers are higher without and escalation then they will win the deal.. 

You just need to execute it correctly and work out the terms.

RyanThere's absolutely no guarantee that the lender who said your DTI was 52% knows how to calculate rental income correctly.

@Eric Carr yes, you are correct and I was mistaken!

Is this correct? 

If it is cash basis, the book does not really show accurate information such as the checks you actually sent out but not hit your bank, the insurance you paid for one year but it is expensed at one shot at the time, you receive invoices from your vendors but those are not recorded as your payable.With that said, if you are "not" familiar with accrual basis accounting, you should just book in cash basis because it will be easier for accountant to find out what is correct and what is not. 

He pays the rent correctly and on time but he expects like this.