You need an inflow of cash from an outside source into this situation to work for everyone.

Learn to see what others don't, the opportunities outside of the readymade deals. 

I have no experience with condos and am seeking where to even begin to do my due dilligence, outside of reading blogs.

How often do you visit the properties....our good PMs take pictures 1x month outside and 1x quarter on the inside.   

If you are outside seattle and its a simple build I can believe 100K   (I have a similar situation only being held up by zoning rules,  but I need to reevaluate given changes in laws since I looked last time) but the devils are in details.   

The property looks in decent shape from an outside perspective so that seems realistic, possibly too much funds to be honest but that may include costs for furnishing.Overall I like the opportunity, but I would do a little more due diligence on some of the items I mentioned.

I paid $175,000 Cash about 16 miles outside of downtown Tampa, last year.

Honestly, I have been an investor, broker and flipper for more than 30  years in Texas and have never once used or needed a lawyer outside of a title company

Right outside of my complex is 1-7.5 acres of commercial land lots.

It also drives me to what to think creatively and outside the box.