Perhaps 625/mo.The other unit is way under charged at 685 for some reason; 3bed, 1 bath, garage.

I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

if original landlord does not have a move in checklist and inspection report, then you take one when you take ownership. you wont be able to charge for damages prior to your ownership. if there is a report, you can charge for damages (not wear and tear) but be careful if the report is incomplete or not thorough as there is a higher chance you could lose in court if it went that far

You could charge a above market rent, since they are likely desperate, and increase your profit margins while addressing a definite housing issue for these indivulaes. 

Make sure to do your research, some investor friendly lenders charge high fees and closing costs.

We’ll try to charge a bill for the stolen power, new lock ring we install, etc on the previous person, but won’t hold a new owner responsible, nor do we go after landlords who have tenants that do dumb stuff; we just want our meter back and all to be back to norm. 

(I'm getting charged $1k for each 1065)2) Should I have a separate multi-member LLC that takes income from the 5 houses and that is the only partnership return I have to do?

@Christopher Winkler  @Andy Mirza    Over the years or should I say decades this is a constant.but what I do because all of mine are firsts and non are owner occ.and I don't like to hassle the stuff I just make a record of it and when the payoff comes in I add all those charges to the final payoff demand.. as long as they don't get too far out of tolerance and I have to foreclose. 

Note that costs may significantly differ because of accruals, but those are all estimates anyways, so I would only look at other costs (e.g. title search charge, point fees, etc.).

I see this frequently where sellers want to have their cake and eat it too.7.2 cap rate if a C or D asset and C to D area is bad.