You need to calculate your net cash flow taking mortgage, property tax, maintenance, vacancy, insurances, property management, utilities and whatever other cost you have into consideration, it should cash flow after paying all these costs( and personally I also stress test whole thing with lower rent and higher interest rates just to be sure).

Why not ask the seller for the rent roll and copies of leases?  

Both parcels have been PERC tested and have functioning wells on them.

They could defer the tax liability and roll the proceeds into another investment property or even a DST (Delaware Statutory Trust) if they aren't looking to actively manage a property.

The conceptual design has been completed with a local engineering firm, who's chomping at the bit to be able to get this project rolling.

Im ready to get rolling !

I figure the next step before closing is to get any soil sample tests and surveys done to make sure I know everything there is to know about the land and to make sure the county will approve the septic system.

Tom, which way do you roll on this issue?

Typical due diligence jargon for multifamily properties includes: - T-12 (Trailing 12 months) Includes the last 12 months of operating expenses & typically any renovations they’ve done to the property - Rent Roll includes all current tenants, lease renewal dates, vacant units, rent owed for each unit, rent collected or not, security deposit info, etc. - OM (Offering Memorandum) The broker will have the OM only if the property is on the market.

Then you take a test that is a lot harder than you think.