Sometimes homes are not separately metered and can also make utilities more complicated.

It forces you to think of all the things that go into the 10 year valuation.In other words, this kind of thinking is EXACTLY what you need to understand how to invest in ANYTHING.Keep in mind that if you put garbage into the numbers, you will get garbage out.Over the years, my spreadsheets got very complicated but VERY VERY accurate.I have used an old saying.... in order to Profit from an Investment, you must PREDICT it.If you cannot Predict it, you are buying your Investment blindly.I hope the readers of this posting understand that I'm trying to give a different point of view than what is normally taught.

Ok so this is somewhat complicated but I'll try to be as descriptive as possible. 

@David Krulac  tax sale   foreclosure out your way is SOOOO much more complicated than what we deal with on the west coast...

It really isn't very complicated.  

I've ran through countless analysis calculators and I tend to think I'm over complicating the deal.  

I'm assuming they didn't get the proper permits to do this,therefore; I'm a bit leery into pursing this as I don't want any complication arising from renting out the first floor as an apartment and maybe having a neighbor or whoever turn me in.

And if he is tying it together, sales and management, then you'll want to limit complications going forward and make certain that if you want to choose another management company after the sale, there won't be any issues.   

It is pretty customizable and can be as simple or complicated as you wish.

But if it's signed by anyone other than the party that has/had an ownership interest in the property, proper notification hasn't happened and the clock on the redemptive period doesn't start until "proper" notification happens.The more heirs, the more complicated this gets.