@Dan Handford: On top of the lease audit, if you want to be an extra careful, investor can get the tenant estoppel signed by each tenant before closing and see if they match the leases. 

He would be able to tell you if the deal matches your numbers.

I'll certainly have fewer properties that match my numbers, but I believe I can learn from these situations.What if you have a longer vacancy?

Thank you for pointing this out as it’s definitely an important distinction - investors have no legal obligation to invest.

Or, if repairs exceed the equal $60K, I can match him dollar for dollar for whatever amount exceeds that?

@Kevin Rhoden we can't help you in NY right now, so my recommendation would be to purchase your list from a service like Listsource, that specializes in real estate lists, and then use a second service to "match append" phone numbers.

At that price I figured I'd buy everything I liked, style-wise, as when I buy a new property and need to add a cabinet or drawer fixture I often have to replace all of them as it's rare to be able to purchase one that matches the fixture(s) already there (as they're often older fixtures that have been discontinued).  

All of this is contained in the operating agreement or limited partnership agreement, as the case may be.Finally, you have to make sure that your waterfall calculations exactly match the language of your operating agreement.

As everyone mentions learning your target market and analyzing plenty of properties that match your criteria that you develop for your business. 

If you can find any that match it within a reasonable time frame (like 6-12 months max) then you would probably need to come up with an average price per square foot for the neighborhood.