If it is old cast iron, that stuff lasts about 50-60 years.

No tax advice here --I am not an accountant just sharing potential issues to iron out.

It is the 5th version and ironically has 500 Million property records.  

My family owns a tree maintnece company and I have skilled labor that will help me if I BBQ.

While at a BBQ at my brother-in-law's apartment this weekend, we were discussing the building he lives in.

Ironically, the more I analyze, the more I like ARMs over fixed mortgages. 

Kinda"-Final Results (I'm sure there is still a call or two out there):30 Calls = 6% response rate6 of the callers already had their home listed w/an agent1 of the calls was the "never call me again" voicemail (ironic since I never actually called anybody that didn't call me first).2 of the calls were the "We're not considering selling at this time but thanks for the letter" types.12 were tire kickers - I've added them to the follow up schedule.3 I'm still playing phone tag with but they all have called back at least one additional time.4 are in the "somewhat" motivated stage.2 are in the "REALLY" motivated category - both are out of town and we're setting up times to get into the houses.One interesting thing I have found (those of you that are pros at this probably already know this) the more I could just listen and get them talking the better off I was.  

Also for partnership and joint venture get a good lawyer with an iron clad agreement.

And as long as that is the case, it falls upon the borrower to vet the HML and come up with an iron-clad strategy.

The last 4 plex I saw but missed out on was a 5 iron away from one of the most exclusive neighborhoods in Sacramento (Sierra Oaks)