If it's just the one property I think the answer is lower than it would be if it was a largely portfolio. 

What is the seller typically expecting to sell these for, considering that the UPB and legal balance are lower than the property value?

However, once you start renting it out, those renovation expenses could be added to your cost basis, potentially lowering capital gains taxes when you sell.

That's all good and well, it sounds like you probably screen your tennats great which itself should lower your chances of ever having a firefight with them.

The term Diversified Core Equity style typically reflects lower risk investmentstrategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties.There are currently 25 private funds that are included in the index.So in short, only this froum is tracking private data from an institutional private core-only real estate syndication.They're tracking core-add only and un-levered position.Here is the return of Commerial Private Real Estate core-only unlevered position for 4 quarter :        Q1__Q2___Q3____Q4____Annual 2007 3.71% 4.82% 3.68% 1.90% 14.84%2008 1.15% 0.09% -0.85% -11.04% -10.70%2009 -13.89% -9.24% -7.52% -3.70% -30.40%2010 0.51% 4.09% 5.22% 4.70% 15.26%..2022 7.14% 4.54% 0.31% -5.17% 6.55%2023 -3.38% -2.88% -2.10%  n/aAnnualized net return from Q4 last year : -15% !!!

Also, is the Traverse City area still the Lower Peninsula ski destination? 

LTR offers predictable cash flow, less management, and lower income.

The lower you get down in rate the more that payback has some diminishing returns.

It is an upfront cost for a lower rate forever.

Used a local attorney to handle the closing docs for a lower fee.