I supposed if the structure is valid, it comes down to being comfortable with the borrowers, the projects, and assets that are being used as collateral. 

Olu - Did you get a breakdown of the expenses to validate that the expenses would be how YOU would operate the building?

I have been validating pizza shop financials by working there since his tax returns were 50% less than what he showed on his POS system - so far the business is doing what he says. 

I didn't try to argue with him or further explore the validity of his claims.Few people look at as many on-market investment properties each week in Utah as me, and so I feel very confident in saying that FIG's pro-forma returns look totally awesome for Utah's investment climate.  

Inflation has come down quite a bit in the last year including gas prices which is helping peoples pocket books.

But assuming the electric, gas, and heat are all separate, I expect you'd still have a water bill? 

There are individual a/c,heating, gas/electric, shared water, units and each unit is individually privately owned.  2 stories, no elevator.   

Another thing to note if the sale is not going through the realtor, make sure you validate the actual taxes. 

I came across paperstac in the process of my research and was curious about whether it was legit, so real world validation is helpful. 

Though, it will require you to spend money on the move and the hook ups (i.e. electrical, water, gas, etc).