@Eamonn McElroySo if we amend the operating agreement to reflect that auto expenses will not be reimbursed, we could then claim UPE on our personal return?

There is a dock with 100' water front. 2 parcels have actual water front and the taxes reflect this. 

@Christian D. please consider going back and editing your post to reflect the correct information as it hurts when we have mis information going around and someone who will reads your post will get confused and then they tell 5 more people and thats how rumors start.

Inspections reflected much more deferred work than anticipated so I requested a reduction to $370,000 and the seller accepted.

Some additional items to make sure are considered:Make sure you include a due diligence period that starts only when you've received all requested docsPart of those docs should include bank statements so you can verify rent roll against actuals (and reviewing the statements may also bring to light other aspects you wouldn't have been aware of otherwise)Security deposits should be transferred to new PMPro-rated rents for the month of close are transferred to new owners and reflected on HUDA list of all section 8 tenants, if any.

There is no consideration for private property rights reflected in there.

That may not be reflected on the P&L.Ask for a Cashflow statement and ideally cross-reference it with the property's bank account.Of course, having an experienced person take a look at it will help.Beware of using the selling broker's numbers listed in the Offering Memorandum.There are also reports available that give you the average expenses in major markets.

I think no one really knows if this is a good time to purchase or not but from my perspective it is a more risky time and therefore the prices should be lower to reflect the increased risk.    

Without this opportunity (this sudden influx of free time), you might not even have gotten the chance to truly reflect and rebuild.

This is not to replace a home inspection that the end buyer should get on their own, but a detailed report that your home inspector can provide to reflect the true state of the property in order for buyers to consider the property and move forward.