What is Due Diligence to you?
I've heard many different versions of what they consider due diligence before they make an offer on a property and I'm confused as to what is considered responsible and appropriate.
For example, on a buy and hold, I've read where in order to determine a properties value an investor would need to find at least four comps, look at all the expenses for each comp, do a vertical analysis to determine each line items percent of GOI, then compare that to the subject property. We are assuming you already know title is clear, no liens, the sale price is at least 20% below ARV including any repairs as well as repair costs if any, the neighborhood is 70%> tenant occupied. What if it's a "hot deal" and the seller/wholesaler needs to close in 7 days. How do you pull off this feat? Whats the appropriate amount of due diligence (specifically).
Where does the diligence end? When is it past being efficient and become excessive?