I would demand the Fed schedule-E, the maintenance logs, the vacancy/occupancy data ALL for two years each.In Calif, more than 15 units requires, by law, a resident, on-site manager. 

We're glad you e joined us!

If you break out each item its really, really easy to say "that's too much, I'll trim that" and then you're down to 30% of rents.Even brand new roofs and furnaces need replacement someday.

Are they from the seller's schedule E?

Police shut that one down in a raid too. normally they break a big hole in the house and tap into the electrical wire before the meter to steal juice. and the excess moisture destroys the plaster/drywall.my buddy was asked if the tenant can section off an area in the garage for legal pot growing. outside is -20 and he needed temps of 60F+. lol

I understand that Schedule E attached to 1040 is used to file my rental incomes and expenses.

Bill E. knows more about 1031's than I do, I just know enough to know they are not always the best route to take and that when they are done, many wish they had not.

@Brady E.

They seem like good "starter" tenants for a brand new landlord.

Read one of his free e-books on wholesaling "NO B.S.