The commercial multi-family properties although are compared based on CAP rates, the value is strictly derived from income based valuation.

Although as we know PM is a for profit business and truly independent PM's like yourself will generally cost far more for the owner than an in house PM company on an on going basis since your company only derives its income from management the only way you can be profitable in these areas at these rent rates is to up charge for any and all of your services.. if you don't you can't be a profitable company just charging 8 or 10% of income..

Your offer should be based on the amount that you want to derive from the property after calculating it's income & expenses.

The Solo 401(k) also has the advantage of being more favorable for real estate investments using debt-financing such as a mortgage - as the 401(k) is exempted from a small tax called UDFI that an IRA would pay on the percentage of income derived from the borrowed money.So, as you continue your research and get feedback here on BP, think about what type of program will best suit you needs and be sure to ask questions along that line.

The Solo 401(k) also has the advantage of being more favorable for real estate investments using debt-financing such as a mortgage - as the 401(k) is exempted from a small tax called UDFI that an IRA would pay on the percentage of income derived from the borrowed money.So, as you continue your research and get feedback here on BP, think about what type of program will best suit your needs and be sure to ask questions along that line.

@Ian Scalzo,Probably be good to let the seller see you as the solution to their problem.Find out what problem they are trying to solve, then propose solutions which serve their need, keeping in mind - but not saying out loud - the benefit which YOU will derive from helping them solve their problem.

Check with a local attorney, but I do not believe New York views income derived from real property in other states as NY source income, as a state like California does.

I do get the difficult to evict argument however in my opinion that is derived from those where it is difficult/costly to evict anyway.  

If they wanted to be really clever they could package them as derivatives and allow a way for others to go long and short.If things get bad they might even just turn the properties over to their creditors rather than having to liquidate in the retail/small investor market.

All of this protection cost money for an insurer to provide, as they're creating a financially engineered solution in the background using actual assets and complex derivative strategies.Many VA issuers were crushed on these products when the market tanked a few years back, as they hadn't property priced in the risk of having to give investors back their principal after stock values had fallen severely.