The city does inspections for you.

Aside from checking rent roll, having the property inspected, look at all given expenses from the current owner, and look at the census from the town/city....What else do YOU look for when buying housing complexes, especially if you’re buying out of your state?

But - friend or not - you need a contract in place with deadlines for loan application, inspection and appraisal, etc. and some earnest money.

If you can reposition the asset (repair, raise rent), you might get closer to that goal. 

I'm new to this as well but the only way I get deals like this anywhere near 12% cash on cash is if I apply the 70% rule to the purchase price.ARV (after repair value) x .7 - cost of repairs = max offer price.You should be paying closer to $100K for the cash flow to be right.J

That way you get the price you need and there is someone with experience making sure all the important benchmarks are being hit (inspections, surveys, etc.).All that being said - would you cash flow if you rented the house out?

Feel free to let me know if I am oversimplifying everything, however I would love to take action or at least get closer to finding that formula to achieving the results of many biggerpockets speakers that has 100+ units.

You have to get a lead inspection in each rental unit at every tenant turn over.

Personally in my market 3% is closer to my target. 

Hello BP folks.First year owning this rental property  and we decided to be perform the inspection exercise ourselves.