Basically, keep this $20k separate from all other money and show that it was specifically applied to the closing or rehab on the new property.                   

My first go-around w/ the 4 unit involved a very primitive understanding of due diligence and not really calculating any specific reserves.I know I own and have listened to several books that touch upon it (HOLD, ABCs of Real Estate Investing) but having them in just audio format has make it a bit more difficult to find the right information if they are in there.

@Uma Bapat permit requirements are town/city specific so your best bet is to call the city.

Specifically I’d like to know how you would present the offer I have in mind based on the information below.I am a newbie.4 unit class B multi-family in a class B location (close to downtown)List price – $299k.

Specifically, ask your agent if she includes estimates of vacancy, capex, maintenance, and management fees in the numbers.  

As is always, consult an attorney with your fact specific case.  

Specifically, what R.E. investing vehicles (SF/MF/Wholesaling, etc.) best suites what I want for my futuristic R.E. portfolio & goals. 2) Searching for R.E. beginners and seasoned investors to share their experiences and knowledge within the field (and from application).

Like I said my leases specifically prohibit ANY type of subleasing by the tenant.

Far too many Landlords never even attempt to read the laws.Check out www.nolo.com as a good resource for state-specific laws and explanations for them.

Does anyone recommend a service like rentometer or neighborhood scout specifically?