However, it wasn’t clear if lawn care, snow removal, and ongoing maintenance costs are included, as they were initially listed as $0.I’ll clarify with the seller exactly what’s included in their reported expenses to ensure we have a complete picture of recurring costs and any potential gaps.the seller dropped the price from 798k to 645k.

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

We have the licensing, training, and degrees to do what we do.

Congrats on going for your first property!

They made their millions, and while they don't want the gravy train cut off, they also are looking at their personal bank account and thinking: I can put my cash in treasuries and still make $1mm/yr, so 'F' it.B) What is this "long time in business"?  

These are professionals with additional training and a stricter code of ethics.

I can understand the temptation of wanting more rent from your multifamily home however I would add this to your train of thought:What would happen if your tenant in your illegal basement unit burned down the house which caused another tenant to get hurt or even die?

Quote from @Chris Seveney: @James WiseI wonder if there is a statute of limitations component to this if litigation is on going I dont think there is any worry with statute of limitations

Then of course, you are also hoping for appreciation.While it is attractive to not have to worry about cap-ex for a few years, many maintenance issues are usualy tenant-caused, so there may still be ongoing issues & expenses needing attention.Another option may be to buy an existing cheaper property, that's still in overall good shape.

Is ongoing management charges separated out from pre-ownership services - finding, renovating and furnishing?