(a) In General- In the case of any foreclosure on a federally-related mortgage loan or on any dwelling orresidential real property after the date of enactment of this title, any immediate successor in interest in suchproperty pursuant to the foreclosure shall assume such interest subject to-- (1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and (2) the rights of any bona fide tenant, as of the date of such notice of foreclosure-- (A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or (B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1), except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.

In this case, the P&L included capital expenses which dramatically understated the NOI, the associated cap rate, and the resulting cash flow – thereby leaving a lot of meat on the bones.

My personal observation in Texas only is that raw land has fallen 50-75% from 2 years ago, although that may understate the decline as there are virtually no comps available for the last year.

If you are dealing only in commercial financing arrangements, which are exempt (commercial loans) you may still need a license under state lawIf you are seen by any party to your transaction as a member of that management team or putting that "team in place" you may be seen as an agent, being in an agency relationship, and a license could then be reuired.

Thus, although the cases do not directly address the point, cancellations have been invalidated, notwithstanding the failure to procure an injunction prior to the end of the notice period, in cases where the claim was the notice understated the statutory time for cure, the purported contract for deed was in fact an equitable mortgage,26 there was no unpaid amount due, there was lack or insufficient service of process, or where there was a waiver of the cancellation by reason of acceptance of partial payment before (or after) the running of the notice period.Further, in Coddon v.

Especially with a pro forma where the expenses are so obviously understated.  

@James ScottI doubt he would be considered a limited partner under state law based on the facts. 

A tenants Genreally speaking will be much kinder of on a house. the C class those homes are usually older and things just break on them more.. and of course the tenants tend to really live hard so you turnover costs are normally Very understated.

Up till that time there is no written offer presented and I understant that my agent is trying to steer me into the right price range.

The taxes there are unacceptable, making single family rentals a challenge, and that's understating the problem.