I appreciated it @Joe Sillaman , we're not looking forward to leaving the beautiful weather in Hawaii and arriving in chilly D.C. in January. 

Borrowers may be willing to arrive at compromises that help their credit, such as modifications, if they are not yet at the foreclosure stage."

Luckily, I didn't have work and was able to arrive within the hour and unlock his unit for him.

See what goes into the garbage can.When we arrive, we ask the tenants for information...

For example, how did the owners arrive at their asking amount?

It's your job to help him understand how you arrived at your number. 

You basically construct an income statement identifying potential gross income, the effective gross income, expenses to arrive at a net operating income.

Not sure how you arrived at the idea you would need to put up $2 mil, but even so, without details like how many units this building has, unit mix, average rents, etc. to get a clearer picture of things, would be hard for anyone to theorize.That aside, Jon's advice is spot on, and all that stuff may be a moot issue anyway.I will say, just so you know in the future, if you see a property in disrepair that is owned by an out-of-state owner, many, many times they will have no idea of the condition of their house/building, so calling them and informing them and then finding out if they are open to selling is a great way to find off-market deals.

The reason we're doing it tomorrow is that Brandon arrives in town tomorrow and we wanted to do something while he is here.

When I asked her how she arrived on a $750k asking price she really didn't have a good answer.