Thanks for all the help in advance, I have already learned a ton on this site!

Less expenses (you can use 50%, but it could be more or less depending on many factors such as owner paid utilities, etc.)Now that you have an estimated NOI, you can calculate if the ask price is too high, in line, or lucky you, under valued.NOTE: Whne I mention this standard formula, it is used only to gage if I should put more time in investigating the property.

Here are my two cents, some banks are recognizing the benefit of having a good process for dealing with short sales.However, I am noticing that real estate agents and sellers are wasting a ton of time trying to get a bank to agree to a short sale with no written offer.

They at one time had the cash to pay for their mortgage and the expenses associated with it.

Vacancies, economic vacancy (like the "two months free" you mention), advertising, utilities when vacant, evictions, tenant damage (brand new or not, tenants can still do damage), CPA, Lawyer, maintenance, property management, etc.

However, who is currently paying the utilities?

$1310.08 Utilities/taxes?

There are a ton of folks like you on the site.

(normally 997.99) It seems like there is a TON of useful info, and its difficult to find anything besides courses that are hundreds of dollars on wholesaling such as books etc.

Find out what they are renting for and what utilities are included and set your rents with the current market.