Talk to your lender or loan broker first to figure out what you would qualify for and what loan products are available There already seems to be some confusion on your part.

It was a well priced asset in a good area that offered a large value add play through operational efficiencies, thus minimizing the risk that's associated with physical value adds.

Never, ever, ever put ANY real estate product in your name.

We consider looking for or offering products, properties, services, referrals or loans to be advertising.We have to hold a pretty strict line or the forums will quickly get overrun with spam like most online forums.

(edit)  Shop around for a good home owners insurance product. 

If you are using conventional loan or maybe some other loan product, then they will do their own bank appraisal and you may have to pay more or less than that down payment, so check with your loan officer too to make sure what you are bidding will work for them and your cash reserves or cash to close are appropriate.If you are paying cash then it doesnt matter.I think you can only bid low if you think the property is worth less, or you are the only bidder.   

Ask tons of questions about their team and how they manage the team and pictures of the end product. 

However, the generation of new funds for  this pot of money will be gone in 2 decades after you'al switch to those electric cars...so expect a highway maintenance fee to be added to your electric bill.The commercial property taxes change would just drive more businesses out of CA or increase the price of the products and services to the end consumers.  

Ask if your lender has products that are assumable.

The loan will be based on your financials and the income potential and appraised value of the finished product.