So if you're going to go in for a discount it better come along with cash (or at minimum a pre-qual), a quick inspection period, and short closing date.

.- review all lease agreements and confirm their expiration date.- review all history of rents, write down any tenants names that show inconsistencies of payment and find out the story(s).- verify with the building department the property has a clean history of compliance.- verify the next building inspection date.- review PM terms and arrangements. - confirm all mechanical/utilities are owned free and clear (make sure there are no rented mechanicals/utilities, for example water softeners/purifiers). - Confirm the health of the T12 with your accounted!

I'm looking to tour a 4unit multifamily property in the Naperville, IL area and potentially put in an offer today.

Also have our property manager do tours of the properties and take videos on the more run down stuff so we can get an idea of how it's going.I would also suggest, once in a while, visiting any property you own with little to no notice so you can see how it actually is on a day to day and not after a PM has cleaned it up knowing you'll be there.There's no right answer of when you should or shouldn't, it'll all depend on what will make you comfortable and what you can afford.

When they begin, how frequent, when they are made, who they are made to, end date, remainder beneficiary, etc.- Collateral and the terms around that.Each one of these can be nausanced, hit me up if you want to chat.

I have found it more useful to track individual transactions on a P&L sheet, with each transaction described as follows:  Date, Item, Vendor, Cost, Method of Payment, and Category.

-it only operates from may 1 - oct 1 (5 months a year) the water gets turned on and off on these dates. - each cottage has their own septic which they are responsible for.

To quote one of the guys off the podcast on how to find a good contractor:"It's like dating: you have to kiss a lot of frogs"But when building your team how do you attract the pretty and nice frogs?

It will tell you the date the property was sold and for how much (as well as a ton of other info such as sq. ft. and who it was sold by and to). 

It is normal for insurance policies to be bound with an effective date of closing or date of auction win and then take a few days or weeks for the actual full policies to be processed and issued.