Is there a standard formula developers use to determine if the property works with these numbers Building Area2,000 Sq Ft (20 Ft 50 Ft)Residential2,000 Sq Ft - 2 ApartmentsPart basement1000 Sq FtGrand Total3,000 Sq FtConstructionBrickFacadeComposition AverageLand Use1 & 2 family buildingsLot Area1,800 Sq Ft (20 Ft 90 Ft )Building ClassB1ZoningR6Residential FAR2.43Facility FAR4.8FAR as built1.11Buildable4,374 Sq FtAir Rights2,376 Sq Ft

If there was a mortgage on a house that got damaged there may an insurance claim that may be filed.

I purchased a 28 unit 10% cap at $30k a door though needed heavier Reno to bring it to $47k door renting around $640 incl utitlies.Be aware of cost of insurance and common water bills.Looking at an 18 unit deal in b/c neighborhood now which is closer to $65k/door targeting $800 /mo

None are perfect, they all lie but you must hold to your minimum standards and those that rise above you can consider accepting.

There are ways to mitigate this tax, by either using a double corporation strategy, discretionary irrevocable trust, or life insurance. 

Probably something simple I am missing or the deal just doesn't make sense.3 condos, the owner has 14 out possible 48 in this complex and if the deal goes through may lead to more deals with her.the condos are 1/1, 2/1 and 2/2, she is asking 76k for the 2 2/1s and 64k for the one bedroom. total 216k, she would hold a second position note for 30k with me putting down the remainder of the 20% down (13,200) and pay closing costs. she would like 6 payments, one each year of 5200 for 6 years which comes out to 31200 total, about 1.5% interest rate if my calculations are correct.For simplicity, I am counting the 3 as a triplex, so rental income is 2325/month, tenants pay for electric and gas, HOA of 185(555) per pays for water, sewer and garbage as well as exterior and common area maintenance, snow removal, grass cutting, etc. taxes are 266 and insurance is 50 month (HO-6) policy which I hadn't heard of before.

Gave me practical experience finding deals (and the tools & techniques involved), working with realtors, lawyers and banks, appraisals, inspections, insurance, property taxes, utilities, closings, HUD statements, etc.Owning a home gave me more practical experience in basic to moderate home repair, dealing with contractors for more complicated issues, capital improvements, insurance claims, "neighbor relations", and many more important aspects involved with owning property.But in addition to buying and owning my own home, I'll say what was equally important to giving me confidence to get started was having a few friends who were already doing what I wanted to do. 

Prop insurance is more expensive 4.

@Patrick Daly If this is your first syndication, you have to prep up in advance in terms of investors conversations, legal structure, assembling your team: securities attorney, CPA, lender, insurance broker, etc...

I would also say, you might not even need LLC if you have a good insurance.