The property needed a decent amount of work and the seller was looking to unload it as soon as possible.

We started in 2020, finished in late 2022, and despite market shifts (lumber 4x), we managed to complete the build and refinanced and leased it up instead of selling it unoccupied cause the market was not prime for a sale at the time - most developers would be distressed sellers cause they are not operators. 

Right now in South Florida you can find thousands of condos at reasonable prices because of the economy and people up North are unloading them since most are 2nd homes.If you are looking for an investment to buy and hold you should realize that there are a lot of vacant condos in certain parts of South Florida right now.As for the HOA fees you must realize that most of the Board members who run the associations have very little business experience.

Banks are choosing to unload many lots,fractured residential and commercial developments because banks don't see a short term recovery there.They are also unloading mom and pop type C class property that is vacant or has huge problems.Usually only cash investors can purchase these because lenders won't touch them with the vacancy levels.Some investors in pre-foreclosure are walking away from properties with recourse or non-recourse loans where the investor doesn't see an equity upside if they hold on for the market to return.In those cases the banks have to sell the note or foreclose or the short sale if the seller agrees.Core A and B assets you have MANY finds desperate to unload their built up cash to acquire assets for their investors.So it's supply and demand for quality assets at a great price.If I was bank and I have a brand new anchored Publix shopping center I funded I would look at it this way.There is one up my road that is 16 months old.Occupancy is at about 40 percent.I know the developer is treading water.The bank would much rather work with the developer on the 20 million dollar loan and put some payments on the bank end or reduce the interest rate while occupancy increases them to foreclose and take a 8 million dollar haircut based on current cash flows.This is what many investors don't understand.Banks aren't stupid and they will dump the junk and extend quality on larger loans they can get performing again and preserve value.

It's called an unskilled laborer- unpacking and setting up the tools, moving the lumber, setting up the jobsite with tarps, running and getting coffee, running to Home Depot for that piece of trim that just broke, etc.

Get a decent multi-meter, they are not expensive and read the instructions and/or ask the electrical guys at the box store/lumber yards on how to read it.

What you have to remember is that there are approximately 27,000 lending institutions - some huge, some very small that might only have a couple defaulted notes and didn't even realized they had an opportunity to unload them to a company like ours.

If so,  you might want to save the $3K for refinancing and consider unloading this property around the same time to offset those gains.

If he wants to sell via quit claim, he's got something to hide and likely wants to unload a problem on you.

"You claim the NOI is $50,910 (which needs to be THOROUGHLY verified based on ACTUAL numbers today)"I agree with this.I have seen investors go so far as to source the deposits into the account for the apartment complex.I have seen a seller use their HELOC for a house to subsidize rent payments on their apartment building.The buyer looked at deposits and thought the tenants were fully paying only to find out they were half paying after purchasing and had side agreements with the seller.My point is some sellers will do anything legal or not to unload a property they don't want for whatever reason.I look at everything with a microscope.If the seller pushes back and can't verify or give you what you want they are hiding something.That's fine you just can't pay them on what you can't 100% validate to be true and accurate and your offer will reflect those circumstances.If the property has been sitting for 6 months likely it is hiding some secrets or the seller has gotten to the point where they are ready to sell at a realistic price.