I hope this review helps someone, it has helped me to ensure that I dug deep into the book and really learned what was being taught so that I can review it.

How much room do you like to have, and is this just to ensure you can comfortably pay the mortgage?

Tell him you want to make things right and ensure he is getting paid what's rightfully his (maybe he did repair all the carpentry around the building right before the seller put the property for sell).

Know now to not be afraid to renegotiate with seller to better ensure less maintenance in future.

Here are some details: - 12 units - ten 1-bedrooms, two 2-bedrooms - Covered parking garage- Asphalt driveway Capital improvements made recently:- Window replacement (summer of 2014)- New roof on main building & Car Port (summer 2018) - Replacement of entire driveway and uncovered parking- Gutters Replaced with Commercial Gutters - New concrete in courtyards between car ports and building - installed cameras with 10-day DVR loop Post LOI, we plan to do a full inspection to check on HVAC systems, but we want to still put in an informed offer and ensure the property is still worthwhile with a budget for CapEx built into our projections. 

You should have several days to ensure all is well and to prep for the next tenant.

The key issue to be careful of is if you are doing a 1031 as there are a lot of conditions to be meet to to ensure you don’t have a taxable event when selling LLC.   

If you ensure all your responsibilities are taken care of and the tenant does something in breach of lease, although it may be extremely difficult, you may want to decide at the time to evict if it makes sense.

One of them will eventually want to move out and I need to ensure the remaining two tenants can cover the rent.

Lenders who offer fix and flip products will almost always offer 100% of the rehab budget to ensure that the property reaches the ARV evaluation.