I'm interested because there appears to be a sense of community, and even the more dense blocks with lots of large apartment buildings seem well taken care of, also proximity to the expressway and Metra. 

Hi Isaac,That does help, and what you mentioned makes perfect sense.

I live in Cali so I'd prefer to avoid filing for an LLC until I'm fairly certain the deal would make sense for both parties.

Also, came across this article re: Rutland which does make sense from what I've seen as I've driven around parts of the state -Source: https://www.burlingtonfreepress.com/story/money/20...Thinking from a REI & plain budgeting perspective, I am going to focus on a 3-4 multi unit, if nothing else than to reduce current rent budget. 

Bigger down payment = better collateral, got it, makes perfect sense. 

not a deal, in fact doenst make sense.

In my mind, that didn't make sense because if you know how to access the information how did you not notice after managing the property for 18 years?

Surprised nobody has mentioned that you shouldn't be using a cap rate to determine your offer.This is a residential property since it's under 5 units and it's value is strictly based off comps.Look what other comparable 4plex's have sold for and then decide your offer based on that.It could very well be that you're just in an area where the price to rent ratios don't make sense.

Plus, it doesn't make sense to do a $20-30/hour job when you're billing at over $150/hour. 

We believed the suggestion from Morris is ridiculous and have these two ideas for legal consulting, we are Canadian, don't really know US laws, just from some common sense and general knowledge about laws: 1)Indy Jax (Ocean Pointe) only shows up on the deed, no document between them and us, it seems there is no ground we can sue them, right?