Hello @Taylor WittFrom what I have researched for multifamily underwriting you have the correct analysis.

In addition to what's already said above, Of course do your due diligence from ensuring proper leases are in place, the rent he says is what he gets by checking his bank account or some sort of proof, make sure the expenses he quoted are correct by looking at utility bills etc., title should be free & clear, no zoning violations etc.

Having a PM does require you to be knowledgeable enough about property management to be able to know when your PM is doing their job correctly.

Ultimately, our goal is to utilize the BRRRR  method but that would be years down the road when we can bring more cash to the table. 

What training course do you suggest to learn this method?

I've known multiple people in this area that do BRRRR method but they've always had an in (real estate attorney, contractor, realtor, etc.) in order to hear about the good deals. 

Back then they used plaster for the walls so I have had to re-drywall the entire interior, all four floors, install new electrical wires throughout along with a new box, all new plumbing lines, and support beams in the basement to correct the uneven floor.

There are many sources on bigger pockets where you can find free information and also members posting results they have had using different methods.

The rule is that your purchase price should be allocated between land and building in the same ratio as the value of each component bears to the value of the property as a whole.So let's say the property is worth $100,000 with $60,000 of the value attributable to land and $40,000 attributable to building (you can use any reasonable method to determine this; one easy way used by many is the assessor's split, though there are other methods that could yield a better answer for you).You buy the property  at a huge discount for $10,000

Others entry points could be the BRRRR method, or even buying a house and simply renting rooms to get started as a landlord.