I understand the co-op structure and that it is different than the condo structure.  

But I just don't know enough about the op or the market or local lenders to make a recommendation.I see stuff like this and don't know what to think:http://www.loopnet.com/Listing/19685618/1611-Steve...http://www.loopnet.com/Listing/19851952/6606-Lockw...I would think that @Stephen Gantz would benefit from posting an address, neighborhood, or at least a zip code here to let some of the experienced locals chime in.  

It would be rare to see a $250 option fee and I have never seen anything close to $650To the OP,  NEVER give earnest money directly to the seller.  

Coin op is not something I am looking to maintain.  

OP, I've actually had a client was in the business of buying and re-developing medium-sized hotels. (20+ rooms, mom-and-pop owners, value add)He used a cap-rate and was familiar most real-state metrics but he instructed me to do this:Take net revenue and times it by 3.

It is the OPs house.

In the OPs post he uses examples of RE investors not being able to get financing and reaching out for help.

. :)Maybe one of you Memphis turn key companies that have good reputations will contact the OP off line and offer to do an assessment of what he has..

On an investment in a condo or co-op, what numbers are you using to calculate Cap-Ex and Maintenance in situations where HOA fees cover external items like the roof, building exterior, foundation, landscaping, etc.?  

We had a perfect qualified young single male buyer for the first one who was putting 20% down and had a great job working as an IT tech close to the co-op.