Eric, it is against SEC rules if you're receiving an ownership share for raising money and you are not a licensed broker-dealer (not to be mistaken with a real estate broker).

I will be really interested to see what stance BP rules committee takes.

Instead of following these rules, it is way easier to get rid of the tenants and sell the building when it is vacant.

Simple rule of thumb is demo, then most inner to most outer, meaning: studs, plumbing/electrical, drywall, etc going to outside, then/together with top to bottom.

You have to run the numbers, watch out for saturation and unfavorable rules.

Here's some hopefully, helpful cut & paste info:------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

My rule of thumb is, if you have to ask if they are legit then they probably aren't.

The 70% rule is more like a heuristic, depending on the property you should go lower or higher on the offer.

These same principles should be applied to anywhere you choose to invest.

This is better than not speaking with your aunt, letting the problem linger and likely worsen.From my experience, in New York, the ultimate decision will depend on many factors and Liberal judges (as told to me by others with way more experience in these matters) can rule in favor of someone with a sob story. i.e.