DOES THIS EXIST? 

I'm no appraiser but have plenty of fix and flips as well as new construction but IMO, it will be existing home. 

I do not know how they are handling new customers verse the Midland existing customers.Regarding the customer service it seems the people I dealt with are still employed and only my "personal rep" as it were, was promoted and another took her place.

She is transforming an existing structure into a creative studio space, seems cool, and I want her to succeed. 

@Peter Mckernan Love the way you did that deal and agree that those deals exist both on market and off market you just have to be able to look for them in an effective way and add creativity. 

What type of interview do you do with existing tenant(s) to ask them about maintenance issues?

Sounds like they are dumping a bad 1031 property into a REIT and spreading the financial burden upon existing REIT members. 

A 50% LTV on a $120K house at 7%, 30 year Am results in a $400/mo interest payment.The cashflow on your existing duplex goes to $1,000 per month, but now you can buy another just like it so yoru cashflow goes to $2,000 per month.  

It may create a problem for you later if your bank discovers the account is owned by an LLC that no longer exists.

Add the financing challenges and that you existing structure likely will become rent controlled.