It makes you dependent on those assessed values being accurate and in my area they can vary widely for similar properties.Assumming the govt is efficient is dangerous.Over many properties, the averages might work out, but the problem is that you are going to try to cherry pick the "best" deals where the values diverge the most.

Your analysis didn't include vacancy, rent loss, capital costs, maintenance, etc, which adds up.And yup, that would work out to about 8% COC, which isn't great in this market (you can likely do a lot better).

You will have to work out what works best for you in your market.

Worst case you take your shot and it doesn't work out.

I have been in ventures with great people and somehow things work out well.

There will be more deals for us and this was a once in a lifetime thing for her....It happens and sometimes we just have to feel good to make things work out for the people who need it.Sounds like you're not making a big fuss over it and the new family bought a home they didn't think they could buy...NICE WORK Bud!

I'm trying to work out an offer but because of lack of comps having a hard time finding value.

I would try to work out a payment plan directly with the HOA and see if they will allow you to take title and then pay them off.

No pie-in-the-sky visions of hiring all of the dirty work out so you can run your business from your private island.

It varies state by state on what level a real estate broker/agent can help a seller with a short sale on the residential side.In some states brokers/agents simply submit a contract and attorneys for the parties do the rest.In some states brokers/agents can help with workout options but in other states they must hold a mortgage license.There is also Federal requirements and disclosures brokers/agents must use when listing a short sale.The government calls it "the short sale streamline process".I call it a bunch of red tape that isn't needed which creates more government oversight and bloat wasting our tax dollars.Depending on loan type if the property is FHA then they can only accept a certain amount off of appraisal.A few years back it was easier to massage the bpo using different strategies to get close to your purchase number.Today more banks are using agents with experience doing bpo's and also the banks have controls in place to almost eliminate any manipulation by investor purchasers on value.Another point is if your area is declining by 1 percent a month and it takes 3 months for an approval by the time you close you have lost 3% in value.How you approach a short sale and an acceptable number will depend on what you are doing with the property.Margins and hold times are different for assigning,flipping,and rentals.