It is fairly common for out of state investors (especially NY)  to get really excited about the thoughts of owning a MFR at prices that the C Class areas in CT offer.  

The hot markets here mean a fair amount of effort is required to find good deals, but they also mean strong rental and buyer demand for high quality rentals or flips. 

This standard seems high, since the PM may have some negligence (i.e. failure to maintain walkways, etc.) that doesn't rise to the level of gross negligence. 

They dont have any other rental properties but their family owns ALOT.What do you think is this deal fair to me?

You'll be surprised how compelling your rationale/insight can be on getting a fair price.  

If PITI is less than the fair market rent value - then it is a non-deductible personal property, opening a large can of worms.Finally, if it is to be an LLC property, you will be a part-owner, with various implications for estate planning and family dynamics.I can think of some other issues, too.

The PM maintains a list of vendors who they vet and must ensure the vendors are compliant with their operating standards such as having a Certificate of Insurance naming the PM as an additional insured, receive invoices from said vendors, pay vendors, checks vendor work (in some cases) and ensure the invoice is appropriately accounted for in the asset/owners account.  

I feel that it would be fair to receive/be offered a referral fee for referring a buyer of a cannabis business (in NV) to commercial business broker but 1.

@Michael Pendleton I would explore other options prior to paying for it but it does work fairly well in most markets I have used it. 

I sent this in email today to the seller, the creative financing was off the top of my head, I feel like it is fair for both of us and if I default he wins, if I go through with it, he wins.