In LA sheriff sales parking lots are basically rolls Royce dealerships.

Anyone in the same boat (great day job but looking for that supplemental income/investing potential) have any tips on how, what, when to start and get the ball rolling?

all those things considered... and of course I sold them right away mainly to Germans for 50 to 60k apiece so we took our 15 to 25k profits and did that for a year or so then went to Atlanta and was getting smokin deals there I think I bought 54 in one year at courthouse there then the big hedge funds came in and kicked us to the curb.. we kept those though and then rolled them all up and sold them all at once to a HEDGE fund.. doubled our money in 18 months on those.

Is it just based on the contract price at time of sale, thereby permanently locking in the rolling market value cap rate of the property, or is it based on the cap rate of similar properties in the same market?

Simple answer to this question is NO, there aren't many similarities between multifamily and single family calculationsAsk the broker for the last 12 months of profit and loss statements along with the current rent roll.  

Hi @Travis Kemper if your combined total of 401k and IRA is only $50k, I would recommend rolling the 401k into a self-directed IRA and doing the same with your IRA.

I have attached rent roll that was sent to me as well as expenses.

Development will cease, housing will become even more scarce, development will cease, and homelessness will increase.

The other closings costs can be rolled into the loan or paid for with cash out proceeds.  

(I dumped my original lender) We closed on time.The violations weren't an issue because they didn't come up on the title or appraisal, already in the process to get them rectified.Now, need to start thinking of how to lower that rate and roll the 25k worth of capital improvements into the new loan.