Good cash on cash returns take some work, like raising rent over time, doing light value adds, etc..If you jump in and insist on high cash on cash returns from day one you may find yourself in a tough neighborhood.  

My wife was raised to only put money in CDs or savings bonds. 

However, in recent years, I've seen this used as a methodology of raising money to buy low barrier of entry real estate and make sponsors very wealthy collecting fees while leaving the LP's with nothing but capital calls and suspended distributions.

Conversely, if the seller NEEDED to sell the property to raise money for something, a fair price might be closer to that $2-3/sf number.

A foreign national selling the property would also raise FIRPTA issues that may be greater than the tax.  

We're getting judges that are weighing the facts of each eviction case with much more consideration and permitting tenants to stay in some situations where they would have not been able....so landlords raise rents, tenants can't pay and have nowhere else to go...property owners evict...judge needs re-elected...tenant stays.   

The deal sounded too good to be true, and he was aggressively marketing the properties which immediately raised a flag for me.

Both the tenants and property management company were recommendations from people I trusted, but I will raise my vetting game in the future. 

It looks like they are sending out refund contracts kind of on a first-come, first-serve basis, with some levels of priority because there are so many investors in these deals, which is why I'm posting this to get moving on this ASAP given the number of investors who are jumping in for refunds.I do not recommend you stay in this deal because they will be raising prices.

At some point I will want to raise a family.