If I were an IRS auditor, I would find if very difficult to believe your primary intent for the acquisition was to hold for rental use.

Banks are not going to loan you 100% and when the property fails look at the auditors and regulators and say we do not know why the loan went bad.

welcome Tuinisha and Nicole: You can access data on line by address on many county websites . usually start at the county auditor. start by looking on zillow in your target area.

Before contacting the owner I would prepare myself for the call.Research the comps. in the area .If you have access to the county auditor web site you can find out how much the current owner paid, taxes, if there are past due taxes etc.Once you are armed with this information you would call the current owner to see if there is an interest in selling the property and if so how much does he think he would want for the property.I am sure there are wholesalers who will chime in here to guide you since at this point as a buy and hold investor I already know how much I would be willing to pay.

Personally, I use the county auditor's site to gain the taxable value of the property, pull records on past sales history of the property through events like foreclosures, look at recent comps, and gain insight from a licensed realtor.

Since you are FSBO, you should counter the selling agent words - he/she just trying to make a deal.Do not increase your property value at the county auditor  - it will raise your taxes.Zillow is not a valid source of info: it's a marketing tool.

What is the best way to probe the issue of validating the Fund which has no Admin or Auditor? 

It saved me a LOT of time & the Auditor preferred to review these reports rather than the usual accounting reports generated for the LLC's.

A drive around the neighborhood and some research on the County Auditor's site told us that home values are particularly high on this block.

Seller will be responsible for payment of: (i) its portion of taxes and assessments described in this Agreement; (ii) document preparation fees for the deed; (iii) document preparation fees and recording costs for all documents required to assume any applicable existing mortgages; (iv) all conveyance fees assessed by the County Auditor upon transfer of the deed; (v) all costs required to cure any title or survey defects; and (vii) any professional fees of attorneys or accountants providing services to Seller.B.