The formula(s) would look like:Potential Gross Income (PGI)  = full rents + any other income at 100% occupancyminus Vacancy & Collection Losses (8-10%) is typically usedequals your Effective Gross Income (EGI)Then you subtract your operating expenses (taxes, insurance, management & legal fees, repairs, utilities, lawn service, pest control, etc., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

I know people that have legal service dogs just so they can bring the dog places and not be questioned ie the mall.  

What is the permit process like?

We're not in Indiana but have purchased real estate there and need a reliable Indiana attorney to give legal advice.

If you're doing 203k, then everything is being done the "official" way with gov't permits and all that.

And you cannot legally screen the way it sounds like you might want to.Not many buyers study the neighborhood believe it or not.

Search through the Sedgwick county website and you’ll be able to find both recently sold and the current appraised value the county does taxes on as well as work done where permits were pulled.

Will,Part of the problem is you did renovation work, which triggers bringing items up to ADA standards, i'm surprised your code enforcement officer ( building inspector) did not pick up on that when you filed for the permit ( you did get a permit for the work didn't you?

Do not rely on it for legal advice.

I holding the process until the first refusal problem is solved cause I don't want to cause any legal problem to the seller.I sent a First Refusal letter before submitting the purchase offer, but the lessee said that he never received anything.