@Brian Brusich you may need to check the IBC (International Building Code) to see if it fits or not.

This would align interests so that you get more upside as you perform better.Regarding projected returns, most private investors like to see a combination of IRR, multiple, and cash-on-cash return on a five-year hold.IRR - internal rate of return is your compounded year-over-year return based on all distributionsMultiple - all cash distributions (including return of capital) divided by the equity contributionCash-on-cash - annual cash distributions divided by equity contributionFor value-add multifamily, you can probably be in the mid- to high-teens IRR, 1.5x-2.0x multiple, and 8-15% cash-on-cash. 

The "property LLC" don't have any transaction except the internal transfers with only the management corp and the "holding LLC".May I ask why you choose NM for your holding?

Sorry if I was too opinionated on the seller's story -- you're there and I'm not so you know more than I do on the facts.Yes, you can raise the rent internally to whatever level is appropriate for the market.

Markets that the numbers work out for positive cash flow and that have an international airport or a feeder are attractive to me. 

Federal Tax LienWhen the Internal Revenue Service (IRS) determines that an individual or business entity is delin-quent in paying income or other federal taxes, a delinquency notice and a demand for payment is sentwhich is due within ten days.

In one of the adds about the upcoming auction I found a note:The property will be sold subject to the redemption rights in favor of the Internal Revenue Service by virtue of the tax lien(s) recorded in Registry of Deeds… (I found 15K)2nd message: The premises will be sold subject to a one-year redemption rights in favor of the United States of America by virtue of the Notice of Lien for Fine and/or Restitution Imposed Pursuant to the Anti-Terrorism and Effective Death Penalty (In the listed book I found a federal tax lien of 450K)The same person owned several more properties that are also in a foreclosure process.

There has been new legislation in LA regards notice and where and to whom it will apply.

We invested sweat equity in updating nearly everything internally, updated basement, laid new laminate, created a dining area, new carpet, paint, bathroom updates, etc.

Both Portland and South Portland have made rules and legislation to curb short term rentals (1 month or less).