You want to be $50 under fair market value not $300 over.

Quote from @Patrick Shep: if you’re figuring out the land value for depreciation purposes, can I use the Fair market value for the land? 

Good day everyone, I am fairly new to multifamily real estate investment and learning this trade.

Scott's book in 2020 or 2021 and found the estimate sheet to be fairly close to what I was paying at that time.  

I know some investors would give less time, but I have found it easier to work with tenants when you are fair.

I do my fair share of $300k-$700k sales here in Los Angeles don't get me wrong, but my easy math brain loves using the even numbers for examples!

You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

Realize you are likely going to use CA Fair Plan (due to fire risk) and that is not cheap.  

What is a fair offer to make to that GC, and what kind of deal should I not accept?

You can also look at creative financing/subto or owner finance as an option and finally there are DSCR options that will allow you to go up to 85% of purchase (but there is a fairly severe interest rate penalty), so I'd recommend staying in the 70-80% range.