When starting out, many (including me) want to get in and secure as many doors as possible within a short time period (fell into that trap my 1st time I got into real estate and paid DEARLY for it!)

If it is a month to month lease then you can transition after 30 days or at the end of the current 30 day period.  

One thing you could do (if multiple properties), is sell over a period of years to spread the gains out.

Revenue will be harder to confirm, but I would screen tenants during the due diligence period before closing on the property.My CASH Offer would be (Land Value X .70) - demolition.

If the down payment is being applied to the purchasing price, i am not sure why people would be concerned about it.. all it really is a deposit you put for an apartment security deposit as well, but it could be because its a big amount of money given forefront and because if anytime during the due diligence period, something falls through and “potentially” not being able to get that money back...?

I can offer you a cash offer with a 45 business day inspection period.

Basics of the partnership:- All the properties will be in my name (I have the high credit & W2 income)- I will be investing $25-50k per year of my own funds into the business to buy more property- My father is in an all cash business so the idea is he will be getting his money in via renovations and ongoing maintenance/CapEx - I will be responsible for all the "white collar" tasks and hold ultimate decision making ability as everything is in my name- He will be responsible for "blue collar" tasks; finding properties, coordinating with contractors, etc..Our goal is to build cashflow for a 10 year period before we would every need to start "taking" the cash flow out of the business.

Hey Guys, I will be breaking down my deal in Sioux Falls, SD that I am currently under contract for and would love some advice/opinions while I am in my due diligence period. 

I think that this going to be a great refinance that will get you better cash flow, or speed up the repayment period. 

If the tanks leaked, remediation and cleanup will have to be done, and the property readings will have to be under maximum allowable percentages of contaminates for a certain period of time before the property can be re utilized.As to the asking price, either the seller doesn’t really want to sell, the seller wants to see if he can find a sucker; or possibly the value of the land for future development is much more valuable than the existing use.But assuming that the latter is not the case, what is it that attracts you to a deal priced over twice market value with a possible environmental problem to boot?