It's not that much of a win for you as you may think.I agree with all the above as to it being a win for the seller allowing him to walk away, reflect on the aspects of his benefit in the contract.I only did these types of transactions in distressed situations, more often when there was some other economic benefit other than price and current property value.

Its like the appraiser has picked a number and then found some comps by comping down that would reflect that price.

It would be great if the taxes reflect the sales price.

You can get the phone # here (use the Contact Us link on the page; BP won't let me post the phone) but you may have to go in person to have them pull the card; they're at 444 Westminster St (somewhat across from AS/220).I suspect the building department will have 4 units, and then down the line you can try to get the tax assessor to update their records to reflect the 4 legal units - which you should do as soon as you can, because you're probably being taxed a lot more at 5 units than 4.Either way, the deal has already closed, you're not going to get any help from the closing attorney or Realtors.

Hi all,I've been looking into UC as well for multi families, not sure if anyone of you know/knew...UC  amended their rent stabilization laws to include now 3 family dwellings for Non-owner occupied. https://cecininilaw.com/uploads/3/4/4/9/34496198/o...here is the UC ordinance online although it seems this has not been updated yet to reflect the above: https://www.ecode360.com/15397000My question is, if you DO owner occupy a unit in the 3 family, can you then raise rents to market value? 

And how is relevant in the context of inflation (or when appreciation is just a reflection of inflation)?

If they own a lot of real estate, they probably have better purchasing power than you do, and that is reflected in the rate they pay.Taxes are also likely to be much higher than that.  

So eventually it fell apart as everyone felt cheated.So as I reflect on 'lessons learned' I only entered into this situation to help our tenant move into one of our properties.

You can do a lease audit to recreate the income but many times the seller would have you believe that the T3 accurately reflects expenses. i would rebuild my expenses by getting copies of annual utility bills, insurance, taxes, and service agreements.

After that, purchase one property every four months.Nice - - reflection is always useful.IMO, lack of construction eliminates DIY flipping, you would need to pay for repairs & improvements.How does one sit as a middle-man in a wholesale deal w/o any improvements?