Therefore, most underwriters take the loss to lease percentage of the gross potential rents number and apply that percentage to the pro forma projections or assume they can operate the property better by leasing units strategically by having leases expire in hotter (temperature and demand) months, thus applying a lower percentage of GPR loss to lease (typically 2% to 4%).

Building looks great and is in good condition...interior of course, is your typical rural post office with a suite of boxes, manned desk and your typical ramshackle disorganized US Mail back room. 

You could try to do some creative financing with the seller (seller financing, lease option, subject to, etc), but those are typically much harder to accomplish. 

For instance, the Standard Real Estate Contract that Real Estate Agents typically use in NJ is NOT assignable, as there is a section that specifically states that.

To explain my parents situation, they tried investing in rentals but soon, became the frustrated landlords that you always hear about on the podcast, making all the typical mistakes, to their eventual forbearance of their real estate investing goals. 

That is a typical response.  

Now I do no section 8 and typically have good tenants, but still a few bad apples. 

Not sure about Tennessee because all states are different, however, you typically do not need to be licensed to manage your own property, only other people's property.

Not only are you creating a lot more work for yourself but you’ll also need to pay to open and maintain those LLCs to your state and CPAs will typically charge extra for an entity tax return.

And if the report has issues you can see if your seller with A) Repair or B) give credits/agree on an even lower price for the property.Realtors don't typically find me deals - I find the deals, run the numbers, etc.