This does seem like a lot of communication, but I would have a conversation with the owner about this prior to firing.

I had a very pleasant phone conversation with Bob (SVP of Praxis) a few days ago and his knowledge and approach was aligned with how I operate.

Then tell us the nature of your remaining questions and concerns as to each remaining aspect, so people can have intelligent, focused, SHORT, conversations with you on each issue you present. 

Conversely, if there are more buyers than sellers, prices will rise.Rental Demand: Rents are closely tied to prices.

Humans are highly influenced by recency bias thus the cash vs equity conversation swings back and forth.

Some of the best advice I got that I will forget was this:"SOME OF THE BEST DEALS, ARE THE ONES YOU DON'T GET"Let that sink in for a while...I remember 4117 s Michigan Ave. here in Chicago, it was an awesome 8 unit full gut condo conversation - I loved the deal and still belileve it would have been a great deal, but would have pinched me so thin I am not sure how I would have survived. 

About year 2010 it was purchased by the present owner and in conversations, he knew about it but did nothing.

This is an area I’m always curious about, so let’s keep the conversation going! 

Do you want a tenant to pay on time... do you want them to treat the property good... do you want them to stay for multiple years... than why not have a conversation with them about putting in the 220?

Additionally, in the R-7 and R-8 Zoning Districts, you need a Conditional Use Ordinance from the City Council to authorize the conversion.