LOLI honestly can't think of a better explanation than @Brandon Turner's good ol' site realestateinyourtwenties.com.See: http://realestateinyourtwenties.com/blog/cap-rates...A cap rate is a tool used to discover the value of an income producing investment property.

I actually stumbled across BiggerPockets looking for legal services to advise me on wholesaling properties, and started reading in the form and discover there is a whole wealth of knowledge here and decided to join.

Is there a way for me to assume her mortgage and take that payment away so her lending institution won't use it in their calculations for her debt to income?  

Institutional pools can grow up into the $100 Million range but those are few and far between since there simply are not enough investors in the market who can capitalize such a trade and qualify as a counter-party to the seller.  

During inspection it was discovered that the concrete slab in the garage had shifted almost 6" due to no perimeter drain being installed around the house.

I'm sure you've already discovered that BP is a wealth of information and a treasure to new and experienced real estate investors.

I realize what I'm complaining about isn't major, however the price point that I'm renting at shouldn't have discovered walls, much less broken light fixtures and blinds.

Says it has to be my cash or conventional loan from a lending institution. 

I am lucky to have worked on iconic institutions of Los Angeles.I have no experience whatsoever and right when I decided I wanted to pursue this route, I kicked my learning mode into high gear.

You might discover things you didn't think of and do not want to have to deal with.