I'm new here and there seems to be wealth of intelligent advice on this site!

@Jen BorstI admire your willingness to ask what I think is a very intelligent question.There is an old saying that an easy formula to become a millionaire is to borrow a million dollars & then have someone else pay it off (tenants).I made a jump from being a solo single family investor to a 31 unit building with partners then to bigger buildings & bigger deals. 20 years later I am less excited about managing multi-family assets unless they meet a very strict criteria.There are pluses & minuses to all asset classes.

I also always take a contract with me with blank price, same as others have suggested.As for talking about money, I'm a firm believer that it's important to know techniques but it's also important to use words and phrases you're comfortable with or else it will come off sounding awkward and artificial.

On these properties with vintage leases the rate might be artificially high to what it is today.

You sound very intelligent and it appears you have researched this site and done lots of study in the market of your target area.

While Joe tries to play mind games, with an ex-intelligence guy, there is no way to know who may have an equitable interest in any LLC.

Not trying to be contentious, just emphasizing that (in my region) sellers and assignees are very intelligent and risk adverse.

You must know enough about the law and what you want to do in order to be able to speak intelligently to your attorney...You must know enough about the accounting and what you want to do in order to be able to speak intelligently to your CPA...You must know enough about building and what you want to do in order to be able to speak intelligently to your contractor...You must know enough about REI and what you want to do in order to be able to speak intelligently to other investors; specifically with regards to an intricate deal such as what you are proposing...Mind you - you don't have to know everything your advisors know - you shouldn't; that's why they are there.

I'll jump in when I can, and I promise to (attempt) to ask intelligent questions.

If you get seduced by potential and overpay betting on things going right you will probably get your a$$ handed to you.Personally I see the next big bust being in the SFR markets that are getting artificially inflated by the institutional buyers.