Example: November 2023 sold for 500kListed under foreclosure for 260k now.Photos don't show any updates or signs of any rehab being started.My first guess it these were bought as rehabs without inspection and people found severe structural issues that they cant afford to remedy, which is common with the amount of water around us on Long Island.What other assumptions or conclusions would you draw from seeing listing like this one?

Quote from @Mark Torrefiel: Software is a common question on BiggerPockets.

I've yet to have anyone on BP articulate to me how an LLC in one of these states perceived to have greater privacy protections will prevent a plaintiffs attorney from suing the deed holder in the event  someone is injured on your property amongst the various other common claims a property owner is subject to.

One thing in common with all these guys, UPSELL!

For example, the most common punishment for non-compliance is a fine of $500 to $1,500 per unsolicited message.

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

Common sense.

It is common for many auctions to get called off at the last minute because people will file a court paper to get the auction stopped.  

My buddy and I have both ended up with minorly flooded houses despite the property managers telling us that all the taps had been turned off.If you’re buying out of state, ask potential property managers if they have local staff on site or if they outsource their inspections to a vendor (common for larger PM companies).When I model returns, I assume appreciation on B-/C+ properties at 1% above inflation.

Is it common to get a partner if you plan to house hack?