I got audited.. but it was about 15 minutes...

I get why you're asking for dollar figures, but I don't think it is even possible to nail down that real net number without an extensive audit.

You should have audited that account.I suggest you have your attorney advise you, not your PM or others on the internet, when you need legal advice see an attorney.....maybe one of our resident attorneys will chime in and tell you the same thing. :) 

Easier bookkeeping, easier doing taxes, easier if there's an audit. 

I appreciate auditing each others numbers.

You need to Dig into the vacancy and find out what's going on there as well as auditing current rent roll to ensure everyone is paying.For a distressed asset like this the lender will be looking more at you than the property so you will need experience, track record, a larger down payment, good financials and cash reserves to carry the property during turn around.You will also need to show the lenders the reason for the vacancy and prove to them you can fix it with a solid plan to increase occupancy. 

The upside is reduced audit risk.

That's legal fee, wiring fee, doc prep fee, there's an audit of the appraisal called a Collateral Desktop Analysis as well.  

I would audit your current tenant: did they maintain the property? 

Forced place insurance, property tax audit, legal fees all get added on to the loan in days.