Make a strict budget and stick to it.

It sounds like you are going to receive a sizable amount , the last thing you want to do is not follow the strict regulations and then be stuck paying a bunch in taxes...

They mandate a virtual tent shaped like a traditional house that your structure must fit within,  So buildings with a flat roof are still limited to the height than can fit inside that virtual tent.The FAR is strict as well. 

@James Wise This specific investor wanted strictly multi-family dwellings to hold for long term.

I think if one were to get strict with rents and get a little better tenant class in then you could raise the rents to $550 over time and add some value.

I am comfortable with this property and with waiving the inspection contingency....Here's the problem....Where I live (Western PA) it is REQUIRED by my county that in order to close on a property, a dye test is mandatory, and zoning/planning explained that regardless of what the bank says, a third party inspection is mandatory... period.The Bank has expressed that they are selling strictly as is, and do not want any inspections done.

Colorado The rental laws here are strict and have little tolerance for delinquent tenants.

I do strictly absentee owners and I use a specific postcard my mentor/coach gave me.  

But we routinely bought 100 plus properties a year in our county. and made great returns on 90% of them...

So after about 2 weeks of strictly searching BP threads for my REI inquiries, I decided to join.