Somebody could gift it to a wholesaler or previous buyer for a dollar and if the property is worth millions dollars in ARV and you get it for 70% of ARV minus your repair costs, then you should pay for it what it's worth.

If you mean "how often do LPs try to sell their positions," I can count on one hand all the ones I can remember, and that's over more than two decades, $400 million equity, and well over 2,000 investors.  

This allows the sponsor to buy a nearly $50M property with just a few million of investor equity--but it provides zero resiliency to an adverse market. 

For a project this size, a general contractor is easily a $10 million expense if you get stuck with a greasy GC.

He wanted me to sign a Confessions of Judgement which basically means DJ can claim I talked about him and charge me half a million each time.

We agreed to market his utility through our business brokerage division, and received multiple offers from larger water utilities netting the seller $millions.2.

A third of a million $$ down the toilet.Look, I lived in SD for 4 decades and yes, it is beautiful.

The 3.25 % interest is the main attraction of the deal, as you are essentially selling a house worth $1.3 million for the full $1.3 million value.  

The federal and CA state tax of 1 million cap gain (since it hits you in the same year), using online calculator it showed to be around $396K.   

Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.