Ask if they will e-mail a copy of their management agreement so you'll have plenty of time to read it all thoroughly before you meet.

All units were 6 months and now month to month.Here are the numbers I came up with have not yet recieved Schedule E or Rent Roll:Potential Income : 26,400 - (8% vacancy 2112) = 24288 (using current rents)Expenses: Tax 1309 (verified at asessor), Insurance 1819 (today's quote), Water 2880, Trash 1200, Lawn and Grounds 500, Repairs/Maintenance (assumed 10%) TOTAL: 9148NOI: 15140If I use VA the loan will cost me 1% for VA funding fee, and about 3K to close so I will assume 10 K to be safe.If he will take 220000 for it, loan will cost me 12,449/year leaving 2,691 in cash flow.CoC Yield: 2691/8000 =34% CAP Rate: 7%What else do I need to consider?

,You would not provide the Schedule E only with personal and other property information redacted?

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.A great is example is I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

i did some research and got various conflicting answers. maybe i can get a corroborated answer here (please link the source if possible)what is the recovery period for the closing costs of a residential rental (1040 Sched E property)?

Then they will look at your Schedule E from tax filings to see what the real numbers were that you reported to the IRS.FWIW, 650/month for a 60K property is not a good deal. 850/month for 60K property is decent (by my standards if not by all), but still not awesome.

This is a great thread, Kenneth E.!

But I'm concerned that if this Schedule E was audited it might be a problem that the lender is the same party as the renter, so the transaction isn't at arms length even if the rates are reasonable.

I am glad to be here.My name is Steve E.

Kenneth E. nailed it :) Also, sometimes people will never change.