I recently put together a deal with 9 investors to purchase a 40 unit duplex community in Lee's Summit, MO and having the calculations/projections ready and easy to understand was the key to getting other people to sign on to invest in my deal.I also think this is a good exercise to make sure it really is a good deal like you think it is.  

I think it was a good exercise for me to walk through the house and consider all the variables you mentioned to make the decision not to pursue this one.

This is a fairly easy exercise and should be done about once per quarter.

My mother is a realtor who is nearly 60, exercises regularly, but wouldn't stand a chance in any sort of hand-to-hand combat.

Do this exercise over a period of a week or so.

If IRS does not exercise its redemption right within the 120 days it will automatically expire. 

Not to say that caution shouldn't be exercised but rather careful what you consider the indications.The big boys gobbled up lots of property on the cheap over the last couple years and some of those assets are being let go.

Letter arrived from a local real estate brokerage, addressed to "occupant" and "helpfully" advising her of her rights and offering to assist in exercising her Council given rights!  

I challenge you to publicize your goals on this thread with the exercise below.

If so, would it make sense to try and sublet it, continue renting along with my two roommates, or try to improve it and either give other tenants a lease option (lease option "sandwich" described in Brandon's book) or exercise the option and sell when the time comes.