This means it is shared loss/gain proposition and you assume potential liability for any losses including legal issues that may arise.Essentially, your betting that your operating partner has the skill and experience to find, rehab, and manage the property.

I think my best bet is to go retail here.

I think you're going to have a very hard time finding any bank willing to do a purchase loan based off the appraisal value.Not unless you have a ton of money in the bank.I have a friend that is buying some condo units cash and his local bank told him they would refi them up to 80% LTV with NO seasoning.Now he also has over 500k in the bank too so its pretty easy for them to have a comfort level.You're best bet to tie up as little money as possible isto buy with hard money and then refi rate and term after 6 months.

If you go with the school of thought of keeping high LTVs you're betting that interest rates won't change much (what went down will go up).

Your best bet is to contact the asset manager and not BONY Mellon.

I'd bet he moved in a poor lease-option tenant and may be trying to pass his problems on to someone else.

In fact, you could go new, with an extended warranty on the washing machine to hedge your bet.

I would bet this building has 15,000 square feet of hard to utilize area -- warehouse space in primary retail area, second floor area, back lot, etc.

Id bet you money this isnt going to happen and is a waste of your time.

And knowing prices in many other areas, I don't think this is unreasonable in many parts of the country.But again, it's going to differ based on several factors and getting several bids is the best bet...