Units on lower levels have recently sold for about $150k, so that would perhaps be an expectation for my unit after disclosures.

Only thing though U want to do this through title at least pay for a title report when you do a deed in Lu your taking title subject to all things on it.. and there could be junior liens or loans to you.. that if you carry through with the foreclosure they are extinguished.. so do check first.then if that's clear make a deal with the first.. your either going to end up owning it.. or maybe the greater fool theory will play out and someone bids it at the sale and makes you whole.. or you can lower your opening bid to make it enticing. you don't have to start your bid at 1oo % of what your owed.. during the crash I did this often I knew at 100% of what I was owed I would end up owning it.. and having to deal with it.. but if I lowered my opening bid to just get my principal back many times it sold a the sale. and I did not have to deal with it past that..

Their arguments are higher cash flow and lower risk of default.

Of course, this depends on your current living situations, but if you own the property, perhaps you could challenge the assessed value and lower your tax burden.

I plan to live there if I purchase it and should lower the taxes.

My girlfriends dad is a well respected GC and has offered to partner with me on a lower end 80-100k property flip.

But, we also will not walk away without asking for repairs/lower price to try to find a way to make this deal work and still hit our numbers.

In other words, the math usually works better for lower cost rentals. 

A side benefit of doing ANY level of new contributions is that you then get the 'company recommendations' on funds which you can mirror with your IRA if you desire, at a lower cost. 

Entities are mainly used for asset protection.However, some would argue that by structuring you will lower your chances of having an audit of your taxes due to the lower ratio of audit for entities compared to claiming it directly in your 1040.If you are using a multi members LLC taxed as a partnership, this LLC will only file an informational tax return (1065) and each member will pay the taxes on their own tax return, based on the K1 that the LLC provided them.