Extension agents are tremendous resources.The assessor can help you with your tax questions.A tractor dealer can help with the equipment appraisal issues.Where is this property located?

The first couple years I was chasing dealers, pimps, and druggies out of the triplex's yard all the time and cleaning graffiti pretty regularly.   

So in other words you will probably be dealing with low income deadbeat tenants, probably a few drug dealers, a break in here and there, all in all a rental house that will be rode hard and put back wet.#2 Tax appraisal and Zillow are not good tools for judging the value of the property.From a straight cashflow standpoint the numbers may look good, but just remember you will have some pretty high expenses with a rental like this.

Yes, there is a large number of investors, wheelers, dealers, and traders who descend on every available home like seagulls at a landfill.

. :) If drugs are talking and/or the property is being used as a home base for selling or other illegal activities?

If you are buying 10 units, many home manufacturers will give you dealer pricing.

I am not a real estate dealer/broker, I am a finance professional and I have a primary residence.

http://www.biggerpockets.com/renewsblog/2009/03/04/wholesale-transactions-avoiding-dealer-classification/ http://www.biggerpockets.com/forums/109/topics/28518-best-wholesale-entity- http://www.biggerpockets.com/forums/109/topics/28744-rehabber-and-wholesaler-

First, I'm not an accountant, so take this for what's it's worth...If you plan to flip these houses, the IRS will consider these to be dealer transactions (not investments), and you will be subject to ordinary income taxes, not capital gains.

Look for drug references and other nefarious behavior