The majority of our deals are for accredited investors, though we have some for sophisticated investors from time to time. 

In March he said he couldn’t make payroll and needed more money to finish.

If you want or need greater sophistication to change the LLC Agreement later on, that can always be done and/or reviewed by an attorney pretty easily.

In other words, rather than believe there may be a deal because of the way the asking price is structured, I’d pass just as I would any other unmotivated, pie in the sky seller.Rather than believing the seller is just naive, I would think he’s very sophisticated trying to find a naive buyer!

Will they do all of the following:Ask for YTD paystub & W-2Verify employmentObtain bank statement to cross-reference payroll depositsVerify rent payments & lease violations with last two landlords and verify they are the property ownersMost won't.So, either learn to screen applicants yourself (plenty of source material here on BP including our blogs https://www.biggerpockets.com/member-blogs/3094/93296-how-to-screen-applicants-like-a-pro-part-1-verifying-credit-reportsOr screen & hire a PMC to do it for you.

@Drew Sygit & @Evan Polaski I don't think property Mangers should be GC's when they have in-house services. like I said if the PMC employees on payroll like maintenance, cleaning, landscaping, even some admin time for court or appraisals Ect. 

Have you investigated how much someone like you makes on a basis salary payroll on this new job? 

Do you have a payroll check?

If your realtor doesn't have a sophisticated system for querying the MLS a lower-tech method is to have the agent do a full CSV dump of the MLS for SFR and send it to you after stripping out the non-public data columns. 

Review and re-negotiate utilitiesAnalyze insurance policiesFind new tenants such as 5G Rooftop LeasingDiscuss loan payment deferral options with lendersRepurpose all or a portion of your building / propertyExtend tax returns to SeptemberAppeal increases in property taxes or negotiate lowering or deferring payments for current property taxesAssist current tenants and educate them on funding programs available to themRefinance any existing loansSearch for new income sourcesDiscuss deferral of insurance payments or partial payments with your insurance providerResearch Funding Assistance in the Chambers of Commerce guidesDefer the employer’s share of Social Security payroll taxTake advantage of higher interest deductions Utilize active lossesApply cost segregation utilizing the new CARES tax laws and amend up to 5 years of previous tax returns to potentially receive refundsI hope these tips were helpful and if you have any questions at all, feel free to reach out!