At this point, regardless of your other income, all prior and current year losses for that property are unlocked.6. 

What is presumably a good method to gauge the amount of equity in a deal prior to purchase and rehab?

There is no such thing as a perfect building, so don't expect the seller to fix everything prior to the sale.

These tenants have occupied both units prior to this amendment (effective 2011) and the amendment states that if the tenant wasn't notified 60 days from the amendment taking effect it does not apply. 

Another big step to take prior to buying properties is ensuring you have a reserve account established.   

The TK Provider should own the property first, do all the renovations in-house, place a tenant PRIOR to closing, and then stay on as the property manager after closing.

Closing with a real estate attorney that we have done deals with prior.

Did you not review the condo docs with your realtor prior to removing the conditions on the offer?

A quick verifiable way to gauge experience is to ask about sales volume in the prior 12 months.

@Bruce Frick No, all the owner carry deals I have done the bank has accelerated the mortgage and required it to be paid in full prior to the promissory note being filed.