The one thing I would add is that if the building is pre-leased or once it gets leased, then in most instances the CAP rate will be determined by the location, class, the credit rating of the tenant and the length of the lease with little regard to the age of the building.

We have had a one or two instances where we had an unexpected major repair that ate up a chunk of our profits for the year but when factoring in the tax advantages, etc. we still have made out okay.

Your contractor's bid will be huge (in scope and dollar amount), but there shouldn't be to many instances where you find surprises.

So today I come to ask about the location.For instance if an agent picks a broker in a city .

In this instance, the closing was delayed several days and I closed on May 1st @ 5pm and the renter started moving in 2 hours later. 

I feel all special and famous and stuff  ;)

@Katen PatelWhile I do not know the tenancy law in Kansas, in those jurisdictions where I have experience, it is the tenants obligation to pay rent on, or before, the date it is due, irrespective of the mode of payment.In the instance of a tenant who wishes to pay by cheque, we require post-dated cheques covering the entire term of the lease (in the case of month-2-month, minimum of 1 quarter).  

For instance, I asked him to repair a broken window and install a deadbolt just yesterday.

@Joshua Martin Probably not the answers you are looking for but should help a little:There are some commercial products that will allow for you to purchase or finance two buildings directly next to each other with one loan instead of two, I wasjust apart of one where the guy owned two four unit buildings right next to each other on the same side of the street, and "an 8 unit" was financed, so it could be possible to get a commercial loan if it is a 4 unit and a 2 unit right next to each other on the same side of the street.Where you would run into issues with the above or a commercial product is big banks have loan requirements for commercial lending, for instance my employer's is a $500k minimum loan balance.

People that work with me in Hartford/Tolland County for instance, know that I can represent their interests at the absolute highest level.