I believe with all my heart seller knew though.

This building is in the heart of the downtown. 

Husband had a heart attack November and things will have to be handled differently, with the government agencies getting involved with how and who we lease to and when you can raise rents. 

Most don't realize that the operating agreement doc is the "heart" of the LLC and a generic doc is almost useless re liability protection and the many other functions of running an LLC (a business).Admittedly the multi member LLC needs a partnership IRS return per year. 

@Kay Ferdous , I agree with everything @Brian Burke says and given his track record, experience, and how much excellent advice he gives out in the forums / blog every day, it would be wise to take his advice to heart. 

I'm finding myself stuck, but feel like this could be an amazing opportunity since the property sits on 3/4 acre in the heart of the city, which leads me to believe it can be subdivided.He also said he would be VERY happy to get $70-75k for the property, so should I offer him around $15k and offer to take care of taxes/closing costs? 

This situation is where you are going to need to take these lyrics to heart and walk away if you have to.

That said, rehabbing (outside of just the financing side of things) is not for the faint of heart. 

The worst case scenario is then realized.Instead if someone has a plan A and tells themselves this has to work and there is no other option then they tend to pour their heart and soul into it with 100% focus.

The Mass Pike in rush hour is not for the faint of heart.