(pick up the phone and call the seller realtor to get actual expense numbers)total time: less than 1 minute.Don't dwell on the x% scale.  

I think you picked a good house to start on.  

Her business has picked up a bit over the past few years, but more leads would be great for her business.

Just by way of example, a nice property in a major metro came upon a major listing site recently, and for the love of God you cannot get through to the broker/owner who listed it because everyone recognizes it for the deal it is and he's got his pick of the litter.Conversely, I've encountered brokers with less hot offerings in less hot states (10-12% caps in Ohio, Indiana etc), but they're just difficult.

I'm not trying to jerk them around, just like to be in the strongest position possible.In fact, waiting back on an answer from the bank now about picking up 3 more quad's & a duplex in one deal.  

Too many young people who want to get rich fast pick the wrong way of doing it.

Honestly if it has drug activity and shootings near by you will have a tough time keeping it rented.You can make all the improvements you want to the inside but if the neighborhood stinks it won't ever rent for more in the future.If you wouldn't have your wife pick up the rent checks because of the area then I would pass.

I know its not always possible to pick up new property, but I'm currently going through a similar situation in Ft Lauderdale.

Not all violations are dead serious, advertising to make loans by an unregistered lender is a violation, but that is enforced on a random basis, find someone to make an example of pretty much. 

I have always learned that as an investor you make more money signing contracts then picking up the hammer or driving around to get rents.Just my 2 cents@Waylon Themerundefined