I couldn't tell you how many times I have been on an appointment and the potential client will bring up a value that he attained from Zillow that is very innacurate and unrealistic.

Being all in at 50% of value is a bit unrealistic. 

Im not saying that this would happen but I could see the court going in favor of this person or any for that matter if it is initially set up with an unrealistic timeframe.However, maybe a 2 year lease option would be more fitting.. you would have to be the one to make that judgement call based off the information you know.I wonder if the court would view him "updating" the flooring and cabinets as a potential "down payment" therefore giving him some form of ownership in the property.

You will have some people that will post and say you don't need any money to get started, but personally I find that unrealistic.

The market is so hot right now, most properties are being sold based on proforma or have unrealistic asking prices.  

That competition drives cap rates down (I have seen deals trade in the 5% cap range) and creates an atmosphere where you are competing for deals that are being sold on unrealistic pro forma's. 

The only problem I see is that the "middlemen" have given the owner an unrealistic value of his property and therefor he's got an unrealistic figure in his head.

I don't know where realtystore.com got the $100K "asking price" but it seems a little unrealistic, if the original loan is $255K.

Or because sellers priced their listing slightly unrealistically high to try to capitalize on the rising market, and now need to lower them to just regular market increases..?

I have been looking for sometime to buy multifamily/apartments 20-100 range.Live in Texas but market to hot for cash flow.Can’t rely on appreciation alone and buy at 5 caps.Out of desperation even looking at Chicago; the cash flow seems tempting in the 9-10 range.Obviously areas like Gresham, guess very high crime and can’t even walk to see property you own.Is it unrealistic to think that you will have Mgmt run the apartments and you just take the cash flow; and have nothing to do with it?