Well, that was until the day I received an email from my Sri Lankan friend, David.The Day When I Was Late On My Bills...

hey tara. i'm new to biggerpockets but i saw your post and that your in detroit i just received an email from a friend with about 30 houses in the detroit area. the problem is i live in florida so if i can help you by putting you 2 together let me know thanks domenic

Result a long drive to California and never a regret.especially from me since they produced my bride for me after they got there.OK, now that you have decided to stay, my advice is to listen to the good advice you have received here but to change one word.

But if they reduced the price by 3% to 485k they would only receive 14.5k commission.

The way I understand it is that is they become nationalized and receive help from the gov that the shareholders will pushed out.

The owner did mention he knows he might now receive what he initially paid for it which was $94k

I think the biggest problem would be coming up with the 20% needed to make these numbers work.Purchase Price:$2,350,000Property type: 72 unit ApartmentYear Built: 1970Rentable Area: 58,211 sq ftLot Size:: 124,823 sq ftCurrent Occupancy: 89.19%Purchase Price: $2,350,000Assignment Fee1: $100,000Cap Rate2: 10.77%Net Operating Income3: $253,078.29Pre-tax Cash-flow4: $102,986.01Earnest Money Deposit5: $21,500Down Payment: $470,000Loan Amount: $1,880,000Amortization Period: 30 yearsInterest Rate: 7%Mortgage: $12,507.69Loan To Value Ratio: 80%Debt Coverage Ratio: 1.5044Unit Mix: 24 1/1.5, 47 2/2, and 1 3/2Scenario A:You'll purchase the property at a 10.77% cap rate (based upon his actual numbers), DCR of 1.6862 (assuming you get financing at 80% LTV with 7% APR); and you should receive an annual pre-tax cash-flow of at least $102,986.Scenario B:You could increase your cap rate to 12.1%, your DCR to 1.8949, and the yield of your annual pre-tax cash-flow by nearly $32K simply by reducing your vacancies and collections (from nearly 11%) to 5% of the gross rents (which is the norm for that area—so it's doable).

Michael said he found another manager and said he would have her take over but I still received messages. 

We meet with a friends RE agent and I think they got a little discouraged with the info they received.

Another question for you, what is the taxes you pay on cash out you received??