Chris, it never even dawned on me that a city would restrict the repair value, that's wild. 

The days of the Wild West in real  estate are gone with lease and option to buy contracts, take a down payment, wait for the buyer to default or setting them up to fail, then rinse and repeat with the next buyer, with new predatory dealing laws, this becomes a scam.

The current tenant is very aggressive, she yells, and makes wild threats looking for a lawsuit. 

There is nothing more intimidating than attempting to jump into the wild, wild west of real estate investing when you are first starting out.

I'm not saying it's a wild idea, but there must be an interesting story behind this deal!

Be sure to buy in areas where your compatriots want to be living, not near the pawn shops that spring up like mushrooms around bases. 

I would call that middle class at least, and that's assuming 0% interest on that initial $3.5M.So, you're ***-u-me-ing perfect health, no injuries / accidents, no natural catastrophes (hurricanes / cyclones, wild fires, volcanic eruptions, ... at least two of which are common in HI), vehicles which last forever and never need to be replaced, destruction-proof housing and furnishings, ...... and if you CAN live that lifestyle in HI on $100K / yr (most people can't in ANY state), why are you not teaching personal finance at the university level? 

If you sell it right to them and (downplay that you just bought it) they should base everything on the current value.The appraisal/evaluation is the wild card. 

While I know this is wildly different across states and formation types and the like but...anyone have any sort of guidelines on what an attorney should cost for setting up an LLC?

Hi Jose,Welcome to BP and of course to the wild world of Orlando real estate!