I have a 15unit a couple of blocks from there.

Downtown Rside can be very block by block (1st street to 10 street), but they are definitely adding a lot of new things to main street and mission inn area.

Current rents: you can glean this information through online sources as well as old-school searching (walk-ins, calling the buildings)Talk to local brokers to get the inside scoopMarket analysisCheck to see if building is in a flood plainYou can ask for, but these items are usually provided after signing a contract: Leases for lease auditing against bank statements, tax returns and leases (usually not provided before a contract has been signed).Tenant payment historyViolations, delinquenciesLease addendum and/or other agreementsTax ReturnsBank StatementsUtility billsCan RUBS be implemented (some municipalities may not allow it)Service contractsReserve fundsEnvironmental assessmentEmployee recordsStructural issues including foundationEmployee historyOther value-add features that can be added include:Trash valetCar portsStorageDog parksTo be honest, a similar level of due diligence is required across multifamily and manufactured housing (mobile home parks).Best of luck!

But if you claim this on your tax returns, and your tax returns are used to qualify for future properties, then those depreciation items are added back to your qualifying income. 

And it is quite a challenge to find the right banker at these banks to talk to.The home I mentioned, bought as an REO, there were four adjacent ones on the block, and two of them the owners bought directly from the bank, from what they tell me, so as you say, is not unheard of.

What are some added security measures that you have or have heard of someone putting in their contracts?

The upstairs bedroom appears to be more of a loft and a large downstairs room which could be a family room, large bedroom or workshop.What I would like to do is convert the bedroom to a more traditional bedrooms with doors and closets, possibly turning the the large downstairs bedroom into 2 bedrooms and adding a bathroom maybe in the loft bedroom area.What would these improvements cost?

Again, if I'm misreading and it's if it's a bigger MFR with some vacant units (or you just don't want/don't have time to manage yourself) what PM costs are you adding in?

Signing the waiver will block you from getting a commission because you will be in violation of several state rules and probably the licensing act itself if you say you are only an investor while acting as a broker.

I took care of most of that problem by adding lock washers.