., etc.) is critical for evaluating the make up of the tenant base.At 750 a month since the landlord pays no utility then 750 X 20 = 15,000 X 12 months = 180,000 gross expected annually / 2 = 90,000 NOI before debt service.At 1 million purchase it would appear it is around a 9 cap.

Local loan servicing is really not a big issue that banks market to IMO, you still mail or send payments and the date credited can be the date sent, so no real advantage.However, for investors it's different and a banking relationship is critical as not all your deals may be in the secondary market.

My point is not to be critical but to help you get into the mind of your target recipient.Keep at it!

ALL criticism is welcome!

@Ron SnoesYou need to check ALL the HOA rulesALL the planned future Special AssessmentsAnd you need to check the percentage of owner occupied units, this could be critical to your financing as well as your end buyer.You need to realize that HOA costs may rise much more than the inflation rateAnd you may have a difficult selling the condo in the future, for any of a number of reasons including the HOA establishing new rules capping the number of rentals allowed.

Many times landlords rig apartments to pass inspection and then let repair items go all year long while getting the payment before fixing again for annual re-inspection.So if the tenant is month to month it is critical that you look at the apartments to see what work would be needed.The inspectors are very picky and you will get abated where section 8 will not pay you rent until the items are fixed.Many items wouldn't be fixed in a regular unit but section 8 list everything.

I don't mean to come off as too critical but given the players mentioned there is almost no chance you can make direct contact with a person who can give you private access to buying the property once the bank takes title.

Part of the learning process, especially in online forums, is to be able to accept criticism (with thick enough skin) ...

The timing and reaching critical mass of getting the house for us was of paramount importance, is why we did it this way.

By the way don't want to sound critical, just giving my opinion I have made a lot of mistakes in my learning process.