I really liked the Pitbull's talk coming from nothing.I was surprised that many people signed up for the various classes. 

Invariably you get hit with a few surprises and things always take longer and cost more than what you originally anticipated.

Make an offer on it (even if it is 40% below ask) and say you'd be interested at that price point.I would be surprised if their commercial valuation is not severely flawed if it results in a value 40% higher than a residential valuation in the same area.When somebody refers heavily to small multifamily property as "commercial" it might mean the property actually has some preferential zoning that would allow it to be used as a business instead of residential rentals.  

Like @Vincent Incopero I would always prefer to overestimate and then be surprised by having less expenses.  

What if life happens, unexpected event, and I do not end up purchasing the house on the option?

I'd like to chime in and say to not forget about having a fall back fund for any unexpected repairs in the coming months after purchase and repairs are complete. 

To my surprise, most investors(mostly out of state turnkey buyers) had a very different understanding of the reality of managing section 8 tenants or what the real numbers or costs end up looking like (most of them are 6-18 months after closing).I wanted to take this opportunity to share with the BP community, mostly potential Turnkey Buyers looking in the Chicago market, that your due diligence in the buying process can make a huge difference.  

Just do so with a solid understanding of the risks and your exit strategy should the unexpected arise - it will.If you need anything, feel free to reach out.  

I was surprised, she wasn't in that bad of health.  

The key is to know what type of person you are dealing with, across the table.If they are relationship oriented, then see if you can bend a little when (the inevitable) dispute(s) arise.If they are transaction oriented, don't be surprised if they "want it all, and want it all - NOW!"