Only a small percentage of people play with those snakes and actually come out ahead. 

Now, there are a whole host of rules regarding unrelated business income and unrelated debt-financed income that come into play, which is why it is worth paying a CPA with malpractice insurance to handle it. 

I believe it is an equal playing field for us all.

Many sellers can feel the asymmetrical knowledge at play, and appreciate it when you are open with them.

So I asked my landlord-tenant attorney (who is VERY experienced having decades in the business and personally handled tens of thousands of eviction cases) how it should be handled, and here is what he advised:- As soon as you notice the partial/unwanted payment, write the tenant a "refusal letter" stating that you are refusing their payment and ask them how they want it returned. 

I will play with those numbers so I get a better feel for how they correlate.

Of course location, supply and demand all come into play as well.  

It is important that the detectors are operational.The extinguisher was operational so being 3 years past inspection played no role.

Do you first find a buyer and then flip the property or play it safe and wholesale the deal.

Long play for appreciation seems ok, many people on west coast do appreciation over cash flow.you might want to plan more Maintenance costs depending on age and condition of roof, siding/paint, furnace, water heater, plumbing ectProperty management for 8-10%, unless you will manage yourself