From what I’ve heard its pretty common place, but I may be incorrect.

The 50A breaker on 8ga wire is surprising, and from my experience incorrect. 8ga wire should be protected by no more than a 40A breaker (unless dealing with certain loads like motors... but that doesn’t apply).

Or am I understanding that incorrectly and the LLC is solely for a holding entity?

Brian,That is somewhat incorrect. 

@Ranga Ramanathan I think the big risk is that the unpermitted space was done incorrectly and will have to be redone when you apply for your permits.

(rent too high/low, not enough capex set a side, ROI doesn't make sense, the whole deal doesn't make sense, taxes, insurance, interest rates incorrect, etc....)Thanks in advance!

@Eddie Quirk So if it was in GOOD condition, you would stand to make $75,000 gross profit.  ($160,000 sell price - $85,000 acquisition price).However, you have all sorts of expenses - and I'll just guess at your costs below. 

I think it’s good to know what it “should” be for yourself so that when it does come back you can argue it is incorrect, if needed.

If that's incorrect that's a problem and your request wouldn't be retrading, it would be correcting the seller's negligence. 

Today - the new OTC list for 2018 Certificates came out today - We (Another Investor and myself) are finding lots of certificates on the list that the property did pay 2017 taxes and incorrect names on the list, that happened before the sale.Use Caution. if I get a moment I'll look more into this though.Happy Investing!