A quick look over the financials: - I didn't see any insurance factored into the Actuals by the Seller, I do see that you have annotated it but it is not factored in, also for a 12 unit $2,200/yr. insurance seems relatively low, although it may be your area - you should certainly follow up and ask the seller who they use. 

Be clear to annotate all expectations in every single regard you can imagine.

Chris, What great insight - i will have to look at it in this example as well and runt he numbers long term to annotate for mortgage paydown nd potential equity build. thank you for this insight, it makes perfect sense. 

Also if I am trying to negotiate as hard as possible...I could likely damage my reputation with the people on the other side of the transaction, and if it is an agent, Im likely going to do business with him again in the future, and Id rather they have the impression I am easy to work with an not difficult....because when I get offers from people I perceive as difficult to deal with from previous transactions, I dont sell to them.Im not saying your strategy is wrong, and it may work for you....but realize there are plenty of professionals out there not negotiating for bottom dollar who are not doing this as a hobby.

John Berg:In some jurisdictions if it is revealed you did not pull permits {which will happen as it is part of your disclosure as a "professional"} an annotation will be placed on the title of the property and title will not be transferrable until any missed permits and inspections have been addressed .... even if that means reopening your walls because you missed your rough-in inspections.

I used to be part of an S-corp in a previous business (primarily because LLCs either weren't around or not popular back then) and when setting up both my current 'day job' business and my buy and hold real estate partnership, my accountant favored the LLC over the S-corp.I think his main reasoning was the increased paperwork, more stringent requirements, and inflexibility of equity or profit splits in the S-corp.I think, but an not sure, what you will hear from others is to form a different Joint Venture for each property of each 'partnership' you form that could own more than one property.Dan Dietz

Control real estate - that's what agents do when they list a property - they have it controlled.If your goal is to make money assigning real estate - get yourself out there in the market and find sellers who are truly motivated - agents are gate keeps - they want to keep you from talking and negotiating with sellers - you don't need that starting out.I have been an agent/broker now for well over 40 years - I buy, make offers and control real estate - I do much these activities without money and without agents - it is just too difficult trying to make a profit what agents are involved - unless you have lots of money and will to be controlled.Please - understand - I an not saying agent are bad - I only want you to know that is not easy.Go find some really motivated sellers, sit in rent and housing court every other day for a few houses, knock on the doors of sellers where there was a listing, now it is expired.

Hi @Khaliq KingI can't speak to Florida but in NY I an not legally allowed to give a referral fee to any unlicensed individual.

@Bill Pate - I have a MacBook and just use the Annotate option in Preview; you just type in the text and adjust the opacity.

When you get the property under contract, in your documents you make sure that it is annotated " seller will pay 1/2 of the closing cost.