Starting November 4, 1992, districts must have voter approval in advance for:(a) Unless (1) or (6) applies, any new tax, tax rate increase, mill levy above that for the prior year, valuation for assessment ratio increase for a property class, or extension of an expiring tax, or a tax policy change directly causing a net tax revenue gain to any district.’This is obviously a new tax which has been levied without voter approval.

Totaling to about 1000 properties altogether.

Any advice is much appreciated.Purchase price: $420K4-Units - All 3 bedroom 2 bathroomAnnual Operating Income (rent): $42,840Current Annual Operating Expense (Water/Trash, tenants pay utilities): $2,400Down: 20%Points: 1.35 (to keep the rate @5%) Rate: 5%Total Aquisition costs (includes closing, appraisal, inspections): $99,350Mortgage (P&I): $1804Property Taxes: $5,212Insurance: $2,058

This requires that 75% of the future, market rents (after renovation) of all units meets or exceeds the total housing payment. 

Sounds like a total flake

But obviously it wil start gaining interest though out that time.

Obviously distressed in some way.

Either large multifamily (10+ units) with totally outsourced property mgmt. or mixed use business/residential or straight commercial (strip mall, etc).

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

They can also provide you with an estimate of what the total cost would be.