Then it was being woken up by their vehicle with a broken muffler everyday at 6 am.

In order to do it right, you either have to rope an agent into the mix (who has the means with which to do the CMA appropriately) or spend far more than the 15 minutes that I'm expected to spend on analyzing deals every morning. 

try to get him to his accountant to splain it all to himI dealt with that in the timber industry.. old land owner zero BASIS  1 to 2 million in standing timber  we offer them cash for it..and first words out of their mouth is they are afraid of paying taxsall while living in a beat up shack and driving a 60s pickup with a broken windshield.I had a way to 1031 the timber in a really nice apartment complex make them 10k  a monthnet and replant their property etc etc.. 

@Shelly Shanks For buy and hold the formula is relatively simpleAnnually:(Monthly rent x 12)- property taxes - insurance -property management fees - HOA fees if applicable - budgeted maintenance and repairs- expected vacancy - loan payments.This will give you your annual cash flow. 

This got me thinking about the long term expenses that most houses will need and does the overall ROI seem reasonable.So I googled some info and tried to estimate life expectancy of house appliances, carpet, roof, etc and costs (item + installation), then figured out the monthly cost out.

It doesn't matter than you agreed to pay $90k each...you'd just be expected to bring the difference in cash to closing. 

I only want to flip the land for cash - no seller financing.I am looking for feedback about what is to be expected in this arena. 

Why would a landlord expect to see someone in there, when he knows his tenant is in jail?   

I would expect a payment after every major activity is complete.

Travis may be able to give you a better idea of what to expect especially with something near campus.