I do occasional Fix & Flips, but mostly Sub To, Wraps, Lease Options and Land Contracts.

He literally hasn't given me one piece of information on income/expenses for the entirety of 2017 (other than verbally I would call chasing and he'd occasionally tell me the odd person moved out or in). 

Which is the beauty (and occasionally the pain.)Is there anything you'd find in a PPM that would instantly make it a no-go for you?

Ours was an occasional rain issue in one corner and also a bit of an uneven floor. 

He provides his perspective occasionally on his podcast (and has an episode where he talks about it in depth), plus he apparently practices what he preaches by minimizing equity, even in his personal residence (he says). 

I am talking about constant late fees, the occasional is not a problem.

Of course there are things in there like vacancy occasionally, maybe taxes go up, and a slew of other things but for proof of concept, this deal looks good to me.

I still use Trulia, Realtor.com and occasionally Zillow esp for their new rental trends.

Occasionally we get other deals in different regions of WI from our BBB ad.  

An REO in theory has a clean title because they clear it up before listing it, but they are humans too and things slip through occasionally.