Sound barrier performance is based on density of the product. 

Private lenders generally require less documentation than banks, and some private lenders don't even require a full appraisal (more often the case with private lenders that are very familiar with the location of the subject property, and can perform adequate in-house underwriting).3.

Their job is to do all of the heavy lifting by souring opportunities, performing due diligence, lining up financing & investors, and executing the business plan from start to finish.

Basically, for the new investors asking how to get started, just be lucky enough to find a landlord who wants to get out and buy those performing properties. 

Don't bank on past performance being an indicator of what will happen down the road.If you can find a place where the numbers make sense and after you buy it and before you move, find a good property manager, then probably.

Basically we have taken an asset we did not need anymore, that we did not think would perform at a high level in the future and "convert" it to Self Storage which will outperform this land going forward. f. 

I currently have two beautiful, cash flowing short term rentals and a third under contract.

Reach back to your friend with an alternate purchase plan and you need to come up with various option . eg:- All cash 50/60 k ,since you already planning to putdown 45k find the rest of the money via Private lender or from family & friends and close the deal .If your friend is firm on the price perform 1)principal only payment 2.)Interest [Rate under 4.5%]only payment with Balloon at end of 7th year  .Good luck

I am not sure if a tenant will hand over their financial information to a new landlord; really no good could ever come to the tenant who provided this; unless they were honestly unable to pay rent and begging to break a lease or renegotiate.When we are acquiring a new property we perform a lease audit on the tenants that you are inheriting.

In fact, in 21 years, I've never personally paid for a LBP analysis, nor have I ever had a LBP analysis performed by a buyer on any of my properties.