Greenberg:While I suspect you were merely trying to be flippant, it would seem your misunderstanding of your neighbours to the north draws upon an ignorant stereotype.  

Best of luck, I hope it was just a misunderstanding on their end and that they make it right.

Perhaps I am misunderstanding something here, but it there are tenants then there (most likely) is a lease, which must be honored by the Buyer upon transfer of the property from the Seller.

That is not what someone pays for when they purchase one of our products.the only "damage" here is from people who misunderstand and state their opinion based on that misunderstanding. 

(3) Perhaps I am misunderstanding the "syndication" concept, but assuming it means joining an investment group to own a partial interest in a real estate portfolio (almost like a homemade REIT), I am hesitant to go this route (at least with the proceeds of these farm sales - definitely intrigued to learn more about these investment possibilities for our non-farming assets).Since several of you have been kind enough to take time to give some guidance, I wanted to offer one additional factor that may (or may not) impact the direction we may go.

Don't get me wrong, financial leverage is a great tool if utilized properly, but saying that buying all cash increases risk is a misunderstanding of financial fundamentals IMHO.

Recall that $100k is the long-run fair value of the property in 20XX dollars, not what an enterprising real estate investor could buy an undervalued house for in a down market.That looks somewhat in the ballpark of the 50% rule of thumb to me, but maybe I'm misunderstanding what goes into that calculation.To be sure, real estate is illiquid and risky to some degree, so we would expect a positive return.

The estoppel certificate will save you from misunderstanding with the inherited tenants regarding ownership of appliances or other personal properties in the units, as well as misunderstandings regarding amounts of security deposits or other he said- she said that may come up after closing when the current landlord is out of the picture.

Did he misunderstand?

You just have a misunderstanding of the appraisal process.