Right now there is also a built up excess supply in your backyard of condos where the developers of many projects are left holding the tail of those developments.  

You did not give a lot of info on the property but I am guessing that a 4/4/4 is going to be in excess of 3000sf.  

It doesn't seem fair to conclude that office investors naively take higher risk for lower cap rates.If I owned enough multifamily to cover costs of living and was sitting on excess liquidity I could see delving into offices to diversify, but it seems savvy investors may be able to make sound office investments more directly.Related: investors in mobile home parks insist on valuing properties primarily on lots, mostly ignoring park owned homes.

Patrick Cruse granite in a 68k house seems excessive to me, though with scraps might be a nice touch.

Get the money first then go get the great deals..So build a business plan... if its rental props you want... put a plan together present to folks with excess cash and then execute.. before to give the investor the lion's share to get started.. another thing I see common in the industry is those starting out think they do all the work and the money should take far less.. well I personally believe that's backwards thinking.. reward the money and the money will flow..

However I can deduct the money I calculated for property management and any excess cash flow from the property.  

I keep any excess cash-flow and any time prior to the expiration of the lease in 5 years, I have the option to purchase the properties for whatever principle balance is remaining at that time.

Clients I rep that have holding portfolios in excess of 5 mil/25 units are routinely contacted by lenders who have "deals" on rates or who are looking to lend in specific areas.  

The buyer claimed to be entitled to damages in excess of $100,000, based on the difference in value of 1,000 square feet (the 3,750 advertised versus the 2,750 measured by the engineer), and sought punitive damages.

There is no reason to spend money unless you have the excess coming in.