While we are advancing in the market cycle and are now certainly in the second phase of the seller's market I don't quite see the turning point on the horizon.

I'm learning this from phase 0.

Really in the "let me see my options" phase right now. 

We are in South Dakota and the are in the beginning phases of development currently working with architectures and beginning the studies.Thanks

If they are one of the few tenants who does not get confused during this time, this means they have jumped from the Second Month phase into the TESTING PHASE which may cause a few problems, but I will talk about that in a few minutes.To help the Tenants not be confused during the 2ND MONTH PHASE, I always bill my Tenants their rent 10 days before it is due.

(i wouldn't think you would on 7 units).Closing cost could be 1%-2% of purchase price, CPA you don't need for closing. appraisal for 7 units could be around $1000-$1500.Home-inspection maybe $150-$200 Per door Max. depends on the "depth" of the report.Environmental Phase 1 around $1500 if you need one. 

I did when I was young, so maybe the lesson here is that different strategies come with different phases of your investing career.

The estoppel comes later during the inspection phase (see explanation below).I would ask for a list of repairs and/or upgrades since they've owned it.

They can be placed on easements and setbacks, don't incurring property taxes and lend themselves well to "phasing".

We also buy very unloved buildings under the assumption that we will be gutting the building and replacing almost everything ... so typically do not bother with engaging an inspector or engineer unless we see something out of the ordinary (in a bad way) or we are having a Phase 1 done.However, in the beginning before we had acquired our present level of comfort and experience, we sent an inspector into most buildings ... if for no other reason than to provide input into maintenance and renovation planning.