@Issac San Miguel - yes they did, however; the actual costs are just so much more than expected.....I am still looking at ways to reduce cost and a prior post suggested looking at this as a rental vs a resale.  

Creating a diversified real estate portfolio of different sizes and types in multiple locations, with varying financing structures and cash-flows, can reduce risk and create steady income.

Or another way is to bring in the realtor, to broker the deal for a reduced commission so none of you guys have to deal with any of it, and you know it will all run smoothly and efficiently.

That increase in equity has actually reduced the value of your equity.4 - When you sell the property, that $40k is now converted to cash, and moved forward into another property at, once again, worth 5 times the equity (Now $200k).5 - Also, if you were to buy 2 properties just like the first one, your Cash flow should also double.The value of real estate isn't in the cash flow and equity. 

Utilizing the benefit of someone else's experience greatly reduces your learning curve.Define your goals.

@Jean Robert S. well first of all what kind of auction are you referring too? 

If the seller is able to move out sooner, closing will be moved up, reducing my risk, and more cash to seller Lessons learned?

Granted, this is as much business as real estate, which is why at my advanced age and reduced energy level I’m not interested in doing it myself, but they showed me their financial statements for the operation and I was impressed.   

Clean and Green means I have reduced taxes in holding the property, back taxes would be due if it were to be developed (maybe $20K).

I know there are reduced numbers of buyers when selling larger MFR's, but with strong returns, I have no desire to sell.