What Prashanth said above is true, development sucks (I've been a land broker who sells to builders for 15 years).

This is particularly true for absentee owners.

Is that always true? 

I guess that's what confuses us so much I mean it's almost too good to be true.

His story, if true, indicates the tenants have no respect for the property owner, his rights, or his desires.If I were a betting man, I would bet money that they are dragging their feet because their rent is well below market.

If what you say is true then what’s the point of the disclosure?

And I would also run a consolidated portfolio IRR on both the old property and new property together to get a true picture.If you don't like the property you have. 

Carpentry is often wood related, but most true carpenters are not drywallers.  

I will need to research a bit on the fannie freddie part because if that is indeed true then I defintely will be ruled out already.

Is that still true even the roof was torn and impacted the service?