It's not illogical for an investor or landlord to connect the dots and think that it wouldn't be a far stretch from managing say... your own 40+ doors and managing 40+ for other owners but how wrong of an assumption that would be.... 1) Realize that most owners with 2+ self-managed properties consider themselves 'the best manager' - although coincidentally most owners have never attended any continuing education i.e. management courses, laws, fair housing, etc. etc. nor have managed properties they haven't had an ownership interest in. 2) Realize that most owners will just not understand how to run a property effectively. 3) Realize that most owners will focus on price first and foremost instead of services renderedAlthough on the surface it may not seem that there is much to it... when starting a PMC there a lot of factors and is probable one of the most complicated businesses out there.

tenats often get code violations(this would surface during title search)even though the property mortgage may have a few years left do the numbers make sence?

I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal.

There are simply too many details that haven't even been brought to the surface.  

That said only offering list price seems extreme.It's hard to completely condemn the Realtors behavior without a little bit more info on the market, list price etc.on the surface though Realtor doesn't seem like they are doing well by their client.

On the surface it looks like the numbers might hold, but have you dug in and run the numbers?  

How is the surface of the shared parking area? 

You pass through a 6-7 feet wide walkway between the two adjoining lots to access the rear unit.

The term "brokering contracts" has surfaced on here and I know the landscape for LO is evolving.

If it appraised for $350k, you could do the primary 80/10/10 and net ~$55k cash out to bring the underwater one CLOSE to swimming at the surface.