Discussing the matter with your CPA or other counsel is also a wise move.

The bottom line is you made a very wise choice investing in mid city and will reap those rewards for years to come.

@James Wise  You crack me up  half your post counts are welcomes. 

So choose your location wisely and SCREEN, SCREEN, SCREEN potential tenants. 

The one downside is no doorside parking, however the city put in a new parking garage literally steps across the street so parking would not be an issue.The building I've been investigating is 11 stories, has 4 or 5 owners not paying their share of electric, maintenance fees etc, and all floors have different owners except one owner owns 2 floors which happen to be for sale -- I've noticed the owner (of the 2 floors for sale) recently had posts up trying to lease the office space - (crappy ad) and I've also noticed he tried to auction the floors (sale didnt go through) and he's also had liens filed on him by the condo association for not paying his share of the bills.My thought was to find an outside investor or do this myself (floors could be had cheap) build an alliance with the floor owners who are paying their share and wrestle control from the non conforming owners, then reform the structure of the ownership of the building where it could be sold in whole again, hence creating value.I'm very familiar with the building and know my city backwards and forwards, connections etc - think this building has had some horrendous marketing done for the office space, (no website, brokers in town not wanting to steer clients to this building etc)   I definitely think this place could be turned around and once you pay the specials off (about $39k per floor) rents of $7-9 a sq ft (full service) would cash flow nicely - not to mention the upside one has if partnering with the other owners and changing the ownership structure.Maintenance wise I believe one big complaint is the elevators (2 of them plus a freight elevator I believe) -- One sounds like it needs serious work.  

Wise words.

I want to buy knowing that I'm getting a good deal(rental wise for the future).Thanks for any and all help.

Engelo Rumora(podcast 89) said wisely, if a tenant is cold, they will cut on the rent to pay the electricity.I would move forward with additional due diligence, all the stuff I mentioned is easy to fix and not that expensive, some you can do on your own.You have good buy in strategy, what is your exit strategy?

It is still an extremely good bet odds-wise, but I don't gamble, and $1M would make a very big impact in my life.  

Thanks James Wise