You may also be required to show 12 months reserves + the downpayment and closing costs.

Looking for effective operator due diligence / risk mitigation methods

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

The attorney costs $4,000.

Bonus depreciation allows you to deduct a significant portion of the cost of qualifying property in the year it's placed in service.

It took me about three years, after improving the units, raising the rents yearly and reducing my costs, to break even.

Some will be free...and some will cost. 

I would second Bonnie, If we could look at the listing via link we can provide some more productive and effective feedback.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and handling multi-entity structures.