As Warren Buffet says " Be fearful when others are greedy and greedy when others are fearful" this is a classic example of someone who wants much higher then the local prices for an older apartment.

He is a very wealthy man, is not greedy whatsoever, and is perfectly content with a fairly small ROI (4%-8%) , on passive investments that he views as safe.

As Warren Buffett says, "Be scared when others are greedy; be greedy when others are scared."

Maybe the partner/contractor was greedy, did not pull his weight,  still marked up the reno to retail, and many other scenarios.

Also, if anyone can recommend a "jack of all traders" realtor/broker who understand the investor mindset, that would be great.Thanks!

General contractor bye trade real estate investor by luck...Good Luck

As Ali noted, it depends on your plan, if its long term like mine by building equity and not being greedy with cash flow than 15 years is a no brainer. 

I won't touch anything in these zip codes: 64130, 64132, 64128, and 64127.Part of that area is not-so-affectionately known as the "Murder Factory": http://activerain.com/blogsview/909133/-my-take-on-64130-aka-the-kansas-city-murder-factoryThat's not say there aren't deals in those areas but as an out of state investor I think it's smart to not get greedy and stick to the solid, blue collar and better 'burbs.

Warren Buffet's Advice Addresses this Issue:A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.

No sale - great - find a decision make at the bank, talk to the trustee, find the owner (because if it is a foreclosure - the bank does not own it yet - they have to go through a ratification period, this could take months - time for you to negotiate with the seller, object to the foreclosure on technical mistakes and to negotiate with the lender for an assignment of the mortgage.)This is a wonderful business, have fun, be kind to others - don't be greedy - there is lots of profits to be had for the prepared investor.