@Dean HulsingOnce you understand the environment in which the business operates (local tenant population, average rents, physical and economic vacancy rates, the growth / decline of the local economy, the risk of the local economy (i.e. does most of the tenant population work for a single (cyclical, declining, growing) employer)), then you can compare the business (property) to its peers and evaluate its shortcomings and potential.After the above, you should be able to put a value on the business and, if it looks to be a profitable, long term venture, issue a Letter of Intent (LOI) with your offer and deal framework,  If accepted, you then dig-in and conduct the formal diligence.

A few weeks later we get a letter from State Farm itself, saying it has denied our policy and it will be canceled in a few weeks.Is this normal?

A few months back I sent a letter to an absentee property owner of a 6 unit brick building that had been run down for years.

@John Conner yes hard money lenders can provide proof of funds letters.

You can use this info to send a letter. 

Once you type 3 letters out, the name will appear at the bottom and you can select it.

She said they faxed a letter to the sheriff stating to open at 47250.00 and to bid to 58900.00.  

It reminds me of the people who run to H&R Block each year and pay hundreds to get their income tax return 3 weeks earlier.

@Julie Haveman I actually live just a couple blocks from 20th on Baldwin so I've probably walked/driven by your properties many times.  

Are they really going to bundle up and go for a stroll around the block when they want a cigarette?