Pretty standard apartment inside and out.Rent in the area according to rentometer for single beds is $640 so it's on the low side and with the old original appliances and cabinets and stuff, has upside potential.I was thinking of offering 380k to start and subject to financing, with inspection contingency, request a schedule e (he showed us numbers from his accounting software already but to be safe of course,) and estoppel certifs.Income 52kExp 14kNOI 58k~Rents- 525-575My broker said he'd go 390k max but he said he thinks it would be a good buy to hold for cashflow and rehab units for higher rent. 

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If they leave and the RV is still there follow state law, you need to notify them in writing the vehicle is subject to tow, you post the window of vehicle with sign saying it will be towed take a photo..

@Mallory Thompson In general, commercial loans have no DTI requirements, no limit on the # of financed properties that you own, and generally take a very subject property based approach to underwriting. 

Ask if there are any any additional fees for maintenance, advertising, evictions, etc... and make sure they are outlined in the agreement.

The subject property at list price is 52, based on market rent, and 57 based on contracted rent. 

You can add lease term that your tenantsthis is a non smoking rental and your tenants are fully responsiblefor all these violation fines and subject to eviction andcancellation of your lease with a 3 days notice (check with yourlocal city with how many days notice).

My first reaction was to by and hold with a subject to.

Memphis is not a small city by any stretch and the major job supplying industries are not subject to the up and down nature of a fluctuating economy.  

This is obviously insane, however after a lengthy email outlining my complaints they have agreed to waive the closing costs if we proceed.