Depends on the authority granted by the By Laws of the corporation if they can set restrictions without a vote.

If not with increased management fee you are looking closer to 60% to 65% cost and not 50% annually.Tenants not directly billed bu the water authority use about 30 to 35% more water monthly and do not report water leaks.If the tenants are not paying then you will have months of lost rent,damage to the units,and reconditioning costs.You need to pay close attention to the EXISTING tenant base going in.Run your own checks on them.The existing landlord might have just filled the building up to dump off crap tenants on someone else.The fact that this property has changed hands so frequently leads me to believe it has serious problems.People get think they get a deal and then want to jump off the burning ship quick before going down.Check title history chain and see if you can locate previous owners,their attorney etc. on documents.You can also look up if a previous corp bought it and the controlling officers.

I'd say the taxing authority is out of luck and so is the next owner and the mistake was allowing such properties to be on seperate legal descriptions and tax bills!

It's tremendously unlikely that you'd be able to find the one guy at FMAC (the asset manager) who is responsible for that property, and even if you did, it's even more unlikely that he'd be willing (or had the authority) to sell it to you off-market.

A link to a sample authorization to release loan info can be found in this next thread:http://www.biggerpockets.com/forums/81/topics/73821-renting-a-house-in-short-sale

They will also have you sign a form giving the lender the authorization to request the returns directly from the IRS.

Just because the wife is listed as the manager of the LLC does not mean you bought from the wife -- you still bought from the LLC and the guy most-likely is part of the LLC.The title company should have reviewed the LLC documents to make sure the person signing the deed was authorized to do so, so there is nothing illegal in a person authorized to represent an LLC doing this even if someone else is listed in the corporate documents as the "main" person.

Here in Kansas City the waiting list to get a Section 8 voucher / Public Housing unit is 3 years, it’s definitely not an overnight process, while they do grant emergency vouchers under certain provisions, ex: displacements, death, etc, another good place to market properties to find Section 8 tenants is www.socialserve.com , I usually take flyers downtown to the Housing Authority (Section 8 office) and that actually has been most effective.

Reading another post got me thinking about this again.For those of you who own larger multi-family, self storage, mobile home parks, etc, anything with a "resident manager" who lives on-site--do you give you resident manager signing authority on bank accounts and/or allow them to handle finances?

If it's in a business entity and you want a loan, the person authorized to encumber the property in the company signs and the minutes or partnership agreements need to show such approval to act in that matter.