Hey Kevin,It sounds like you are buying a property direct from a business that operated out of their own real estate.

The, "5 deals per 12 month period" thing is not entirely true.Technically, you can't sell any real estate for profit except your personal residence.That said, know many wholesalers that have operated for years without getting caught.

I would prefer not to be the operator of the business, but rather stay on the real estate side of things, either through selling or leasing to the operators.

We have thought of a few different options, going to an interchangeable core system where a "master key" would grant access to exterior and interior doors of all buildings.

BiggerPockets actually sells Landlord Forms for all 50 states which includes leases in and other forms you need to operate in the state.

I am mainly looking to switch career paths (currently in corporate finance), as I would love to get into the Real Estate industry in the Boston, MA area as an investment/operations analyst.

In order to attract local people, make sure you use key works in your post like city or counties you operate in.

 @Sidthi Sanjanwala It does not matter where you start as long as you develop your Core 4.

The capitalization rate of an investment can be calculated by dividing the property's net operating income (NOI) by the current market value or acquisition cost of a property - expressed in the following formula: Cap Rate = Net Operating Income / Current Market Value " Chicago Cap Rate Analysis Please keep in mind this is a high level analysis.It should give you a ballpark idea of cap rates in the various Chicago neighborhoods.But some assumptions were made for this analysis.For example, to determine the net income for a property, I assumed it would be 50% of the Gross Rental Income.

In short, I recommend never to take all the extra cash flow out of the business, not only to be prudent with the NOI, but also because you need to operate a profitable business.