I don't believe it, but it's indicative of the froth in the market. 

What made the tenant believe that mold might be accumulating in her apartment?

You will probably have to make ready 90% of these units when some one leaves.After doing my first couple deals I am a strong believer in staying really close to 20 units (or More) at a time give or take a little based on the deal.Remember you need a reserve account, and at the $1000/month you are probably looking at 4-5 months just to build that reserve account. 

I don't believe so, only the mortgage interest, depreciation, improvements & property taxes will be tax deductible (note generated in 2012), correct? 

I tend to believe the service company - sounds like something the old man would do.

He's giving you $400-800k in free equity and also seller financing with 0% interest.I can't believe you're even questioning if you should buy this unicorn once in a lifetime deal.If you don't buy it tell your uncle to call me and I'll give him $825k for the property, lol.P.S. 

Later on in life, if I believe my heirs would be able to responsibly manage my estate then I will likely never sell 100%. 

The property is in IL, I do not believe there is significant rent raise opportunity.

You are the boss here and should do what you believe is needed - and sounds like a firing is needed!

I believe it stands for.