From a tax perspective, downloading the scans of cancelled checks (which have a memo line that comes in very hand for recording the purpose of the expense) is easier than going through your LLC credit card statement each month and taking separate notes for each expense.You could use a CREDIT card providing you pay the balance in full each month, so as to never incur interest charges, but that exposes you to an unnecessary risk (or mistake if you forget to make a payment and thus accrue interest charges) that is easily obviated by using a DEBIT card instead.  

Sylvia, this is your statement that I responded to, "But please, can you all stop telling us that you don't pay your mortgage, your tenant does?

I could go on and on, such as having annual property inspections with photos and reports, electronic payouts, electronic accounting statements, etc.

I plan to ask for Comps and P & L statement, but if anyone has a process for evaluation they would share I would be very grateful. 

We only sell cash flowing, Warranty Deed properties, so what's your point in your first statement about Quitclaim deeds?  

Are the sellers able to provide any proof of payment (deposit statements, etc)?

@James DeRoestAgree with the statement that a multifamily does have limited people willing to buy, but a fourplex can qualify for residential loans.

I always find the blanket statement there is no cash flow to be subjective and subject to downpayment constraints... just curious to hear your answers on the above. 

I base that on your statement of "it wouldn't appraise anyways due to the condition"...And then you're going to put more money into it to fix it?

  This statement doesn't make sense.