Now when working with the seller, as a negotiation tactic I give them an estimated amount of what the rehab cost would be but this is so I can get a better price on the property.

@Hubert Kim it is so bizarre, and I’m probably not getting the details right but this is what I’m being told by the PM.

However, as a tax accountant who is currently developing an online real estate school, I know the law is so much more complicated than reading the code or a regulation that applies to your point.

Having reserves is so important. 

That is so LA rent control specific, you probably should talk with the rent control folks, and tell them you are NOT evicting or asking anyone to leave. 

I can’t afford to offer what the market value is, so I’m wanting to see if they would consider me buying 50% and I would handle all responsibilities of property upkeep.

I think the problem is, if you are gutting/major renovations the 3/4 units (which it seems like it is so) and the property is 100 years old, it is normally required to meet many of the current codes.

It might just be that the cost to hire them is so worth the extra time you get back in your life. 

Also, since the park is so old, electricity service to the pedestal is (I believe) only 30amp service, which wont' meet today's needs. 

That’s why COCROI is so important, because it measures your actual cash flow compared to the cash invested.