If you are looking at a small multi-family of four units or less:Rent RollReview all leases, addendums, or other agreementsTenant payment historyAny violation notices, delinquenciesList of all maintenance in the past yearSchedule of capital improvements in the past 3-5 yearsUtility bill reviewP&L for current year plus the last 1-2Service contracts (landscaping, cleaning, snow removal, etc.)Inventory of all property owned by SellerThere may be more but this is a good start.

Yes, it can, but typically if its a one time capital expense that in any other year would have been income and its the kind of expense that only takes place once in 15-30 years, then as a loan officer, we can add back that as income in most cases.

I agree with the downturn sentiment but I don't really have any evidence to base it on, so I am just building capital until a) the market corrects itself (which is not likely to affect my market very much anyway) or b) I have enough money to pull the trigger on something.In any event, the numbers don't lie.

If you structure investments properly, you shouldn't pay taxes on rental income or on capital gains.

Many times investors will do this by managing better or making capital expenditures that justify charging higher rents.

And, in the end, sell them.I take care of property management, finding tenants, signing contracts with them, maintenance, repairs, etc.We split everything 50/50, ownership, mortgage, expenses, net cash flow, amortization, capital gains, ...Now there are three points specifically that cause me some headache.

Landing AMZN is a big deal, the 'new' part, and may (perception) trigger new infusion of intrastate or international capital.

@Ian Ray - I'm not sure of the agreement/arrangement you have with the broker, but might you be able to try to wholesale one or two of the properties to then have capital for the third?

I don't have an agent on board...I'm going to wholesale to gain capital for my next project. 

I've recently acquired a land contract for 10 residential lots in 29 Palms that I'm interested in finding out more about development costs and ideas for single family and/or vacation rentals due to large military base and Joshua Tree National Park.