If so, any suggestions of what to put in the letter?

You typically have 30 days to send the tenant a letter detailing the cost of any damages against their security deposit.

I find it extremely difficult to give letter grades to an area.

It helps you build the building blocks of owning real estate.

Tonight I mailed them a letter informing them that if it wasn’t all gone by September 30th I would be disposing of it.

@Ricardo SerranoThere are cap variations from city block to city block.

I think it can be a good starting block if there is cashflow.

Quote from @Elias Halvorson: You probably can still do an DSCR, with a letter of explanation on the lates if you wanted something now, otherwise you can wait 5-7 months until those lates are no longer in the past 12 months and do a conventional loan  with better terms.  

For example DSCR, no ratio, CPA letter, P&L Statement, average bank deposits, 1% down for primaries? 

I realize that once someone creates a letter of intent they can start on the due diligence phase to learn the financials, physical, and legal but what else can I learn about a property before making an offer?