Admittedly is was a 15yr term & some years ago.That way they had control of the cash if you fail to pay the mortgage so we qualified for a mortgage 70% LTV.

I would never buy and hold a condo due to lack of control of the property-the HOA becomes your partner .

If you are paying utilities, I'd look at getting the climate control thermostats.

In fact, if you sat down with them, I would bet they can put an incredibly precise definition on what they are interested in buying and what they aren't interested in buying.

As I stated before, appraisals can be flawed and less accurate due to many factors outside the control of the individual appraiser.

An affiliate is an entity that controls another company, is controlled by the company, or is under common control with the company.

There are just too many things outside your control that could go wrong.

Consider managing the property yourself to increase cash flow and control.

One thing that can help you determine what you're getting into is having a core sample taken of the property. it will tell you soil type, groundwater and rock depth. if some rocks are big enough you might need controlled blasting. if your basement is below the stream bed grade wise, you would likely have to be pumping water 24/7 during the construction part. im not sure how well a poured concrete wall with the waterproofing on the outside will stand up to the water, but of course it would be better than a block basement. builders would reccomend under drains to drain the water. the best way to do this is mechanically, without a pump or you could still wind up pumping water 24/7 after construction is complete.

If you're wanting a more precise value, look at the expected rents for each unit, factor out reasonable expenses and then compare to the comps that have sold recently in the area.I highly recommend reading Commercial Mortgages 101 to help you break into the world of commercial buying and borrowing: http://www.amazon.com/Commercial-Mortgages-101-Everything-Winning/dp/0814415075/ref=sr_1_1?