(but not zoned for) Property is currently offered at 750k , a property right beside almost identical was sold for 725k on conventional mortgage and it was initially offered for 769k. (5.72% decreased on a conventional mortgage that took almost 4 weeks from pending to sold).So based on this data I have estimated(not exact science) that I could give a lowball cash offer for 550k(maybe w/ some luck) but with some room to go up to 635K (which is a 14% decrease on the listing price and hoping to close fast with a cash offer) 70% of $900k is only $630k, which would be the max you could refi. 

@Levi Davis We went through a nearly identical situation last year.

This plan does not avoid capital gains or keep his identity secret.

We don't flip here in California as out prop 13 penalizes people trading often we pay $15,000 less in property taxes as an identical building sold next door 5 months ago. all improvements are an expense at this point but appreciation has over $1,000 per day on just one property.

Be sure you and the cleaners have the proper insurance and bonds in place against theft and claims of theft. 

It is the legislature of Ohio, not Bill Brandt, who determines what theft is in Ohio.  

Essentially identical to a sale with owner financing but the deed stays with the seller.Yes, you can 1031 into such an arrangement as long as the contract has been written so that in the terms all of the burdens and benefits of ownership have transferred to you. 

The neighborhood has some identical 4-plexes on it that are currently renting between $600-$650.

It also would be a weird letter to send to a lot of the duplexes here in town, because most of them are in subdivisions full of identical properties.At this point I think it's basically gambling unless you're committed to mailing the same addresses 8-10 times minimum over the course of several months.

I was a bit confused by this, since it's clearly built as four identical apartments - each with a matching layout and full kitchen plus a main entryway with a shared staircase.