Let me guess - you never verified if they are a licensed PMC or if they have proper insurance.Do they even have a website with an Owner's & Tenant's portal?

I guess everyone has their own game plan but there are states that are offering huge ARV potential and cash flow options. 

This is a sophisticated wild-eyed guess Jeff. 

The issue stems from the tenant having to guess/figure out what breed their dog is if the dog is mixed.

Ouch hadn’t heard that yet on multi fam for Cook , but then again every time we buy there, we always immediately dispute the tax bill so I guess not shocking!  

I would suggest to check with your local laws first.Most likely you will need permit ( I guess you can get away without, obviously not suggesting that :D)) but possible) , also check your zoning.If not possible to create separate unit legally, I suggest not putting an oven in the basement, and rent it without, or live in it yourself

I guess I was being short sighted and was a bit too caught up in the raw real estate numbers. 

I guess it's just in their heads? 

I am guessing it was with a lender and not an FDIC Bank? 

My guess would be if you see a 4-plex with an 8 CAP listed here in Chandler its going to be in the older part of town where ranch hands would live when this was largely a farming community.