If they wont provide you a Trailing 12 P&L (big red flag).Hope this helps

Good morning everyone,I've got an opportunity that I've run numbers on myself but wanted to "Red Team" the deal to the community to see if there are any fatal flaws I overlooked.

While smelly tenants maybe an issue, nothing beats for me at least the scaling effect offered through commercial multifamily investing.

The yellow and red drawn is where he wants the stones to goThe stones are not extending under the stairs we put siding there and it will be all closed up anyways Fire away and thanks!

Or any identifying red flags to watch out for???

I looked in Upstate driving distance from the metro area specifically at SUNY towns but in one of my trips got hit w a blizzard and decided if I could drive 2 hours north I can easily fly 2 hours South and look at markets in warmer climate and invest in a State that's more landlord Friendly so I headed to a good old Southern Red State and with the recently changes in Tenants laws in NY Im so glad I did and not having to deal with the Snow was an added bonus!!!

If you're buying this thing at a significantly above market cap rate (or a discounted price, however you'd like to look at it), then I would absorb those costs. 35k isn't a ton to invest in what seems to be a pretty large multiunit property.The 2 years on the MLS detail is actually the biggest red flag here.

It sounds like a good (albeit very messy) deal, but it would only work if you're 1) willing to have a lot of red in cash flow and 2) This is truly a very long-term hold.

I will cut to the meat of your question first. 

He told me at least 6 months is required after the purchase before I'd be allowed to do a refinance.