There are specific rules, known as the Passive Activity Loss (PAL) rules, that dictate how losses from passive activities can be used to offset income.

@Jonathan JohnsonAs the others have mentioned its hard to get real close without knowing the specifics but, Assuming replacement cost is available (age/condition of the rental would dictate) a really vague estimate would be .75-95 cents per $ 100 of total insured value.

Again the market dictates what can, and cant be done.

I knew that the neighborhood would dictate the price and that I'd get a lower price due to the neighborhood. 

EM in the form of a check MUST be deposited within a certain amount of business days.. it can't be held un cashed.. so that is a non issue and your paranoia on that issue is un founded.As to Escrow  in So Cal its customary to have separate escrow and title companies.. in Nor cal for instance and Oregon and Washington Title and escrow is all under one roof.So its common for brokerages to own these.. they must make a disclosure that they own them. and many times in these type of instances the Seller will dictate who they want to work with.. you could of course have an attorney represent you in this transaction and interact  with the escrow company if your that worried.Liz Pendance on the condo makes bank loan not feasible until that's cleared .. so unless your paying cash its a non starter anyway... this is one thing that condo associations and those that own condo's really miss the ball on .. they think they will just sue.. but in essence they cook their own goose as their property becomes illiquid ...

While state probate laws control transfers of assets, in particular real estate, local superior courts and local rules of court dictate the implementation of laws.What you have is an intestate (no will) pre-probate opportunity in risk of foreclosure.  

Your interest rate will dictate that decision.

We are extraordinarily grateful for the opportunity, even more so for those of us who have had others dictate our pay rate.

Quite the opposite, that is why it is so important to know what your market place will dictate what you will, have to and can do either by city/state code, or by what an appraiser says changing windows in your area does to the value (is it an expected change that most renters and home buyers expect). 

Again 3-4 is ideal so you have a good set of data point.As to subdivide or not, that's up to you or what the market dictates.