Put another way, the visitors to your site are typically going to be a result of your existing marketing. 

I would ask seller for a delinquency report as well.

If you have a well-maintained unit in a decent area, your tenants will want to stay, even if the increase is substantial and it is within market rent.BTW, prior to purchasing, ask the owner for copies of the most recent utility bills, tenant estoppel certificates (signed paper from tenant stating financial terms of the lease) and CLUE report ( A report that lists if any insurance claims have been filed against the property in the last 7 years) to ensure property is insurable.

@Charlie ClaxtonWhat was your typical down payment?

Flips typically require an entire overhaul that take longer and cost more money to do.

I always put a rehab into a 1st lien now as we typically have to foreclose, so you have to allocate for that also.

The option money put up front by the tenant/buyer will typically be very small compared to the down payment and the rehab costs you had invested.Happy Investing!

My concerns would include 1) crime, 2) proximity of other buildings you don't control, 3) (local) apartment supply analysis, 4) scope of capital requirements, 5) rehab grants/funding, if any, available 6) loss run report @Patrick Madigan I am in the Fuquay area for about a week and would take you up on visiting the property if this Friday or Monday next week....

I guess partners can decide whatever they want between themselves, but is there a such thing as "typical" here?

Their a transunion company and can actually see potential tenants credit report.