Utilities for all apartments would be separate.I asked the local codes enforcement what would change if I did make this into a three unit and he warned me that I would be required to have a sprinkler system in all units and an alarm system.

I have not spoken to the owner yet (but will) but my friend also said that the property has had full vacancy for over 3 years (mostly elderly people), Utilities are metered individually, refrigerator, gas range, washer/dryer hookup in each unit.

Jeff, Charging them for the carpet cleaning, paint, etc is common practice and taken out of their deposit if your lease is written correctly.

They could wholesale it for 5k and their funds would be utilized for 3 days.5k profit / 154k total investment = 3.2%365/3 * 3.2% = 389%If you could retail it for 30k after 3 months.30k profit / 175k total investment = 17.1%365/90 * 17.1% = 69%Earning a consistent 389% return would mean your money is "perfectly" deployed.

Here are some commonly overlooked items by investors.HOA FinancesJust because an HOA has low Association Dues does not mean that it is a deal.

Also some the utilities data.

Is it common practice to submit offers in the property address LLC.

This practice appeared common.

It is common for commercial loans to be specified in LTC because people don't want to have these debates when the bank can vary their underwriting parameters.

His stuff is all common sense and nothing new.