If it's a good sized brokerage, they will have attorneys on the payroll.

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

For instance, Benjamin Moore Affinity Collection has 140 colors specifically designed for their Aura Paints to help the DIYer pull off a more sophisticated and cohesive palette.

I run my company payroll every month to pay myself.Maybe the lenders do not fully understand my situation of self employment.

My bank had a connection with ADP, a payroll company, and they did it for free, if I signed up for the payroll.  

So an analyst for one, would be doing very sophisticates analysis of larger commercial properties.Remember the general rule.

JMHO.A sophisticated way to profit if you truely believe this area is in the path of progress is to contact owners and offer to buy an option to buy at some present value for as many years as they'd agree to for a few $k.  

For example starting payroll, filling W-9 for independent contractors, tax rules, bookkeeping e.t.c?

Also, since they are much more loosely regulated, it is easier for a real estate developer to commit fraud and not be detected.So it makes sense to me that there are rules in place to prevent "the average Joe", who probably isn't very sophisticated, from being ripped off.

Christian Bors I bought it from sheriff sale, the prelim title search showed there is a payroll tax lien recorded one month earlier than the mortgage note.