To clarify a little though, I'm wondering what expenses (perceived and/or real) the appraiser will use on the liability side of things to arrive at net operating income. 

@Phyllis Davenport OK I just noticed you are a newbie; let me add that it is risky and even experienced operators can lose their shirts!

A bit about myself and my interests: I am an aspiring REI from Atlanta, GA with a multitude of focused skills; including copy writing, intermediate marketing, product development, website customization, graphic design, video editing and audio mixing/ editing.Currently, I own and operate a company where we connect and develop web based solutions. 

In addition to what @Brian Burke mentioned, I would check the PPM, SEC Reg D (assuming it was Reg D filing) and operating agreement to make sure you can swap out investors. 

Thus, if you operate in New York, you may record a conversation or phone call if you are a party to the conversation or you get permission from one party to the conversation in advance.Security cameras are treated as phones for recording purposes.

Whether it's Memphis or any other US market it is first important to do your due diligence on the market first then find your operator!

In order to only pay Indiana state income tax and not CA, we were going to create an administrative management company to operate it in CA that would handle our CA employees/office/ marketing operations, etc... but it looks like there were some changes to nexus laws that focus on point of sale to source the business.

Request from the seller their Profit & Loss Statement from the last 12 months and the rent roll.Then, you can see the current income/expenses to know what current profit it makes.Then, you need to look at what the cap rates are in the area based on comp propertiesOnce you find that out, Take the profit/net operating income and divide it by the cap rate.So say it makes $20,000 profit and the cap rates in the area are 6%$20,000 / 6%  = $333k (value of building and your offer price)There are a few more factors but that should provide you with enough info on how to find the value of the building

Need operating docs etc advice

Turn over and make readys slow to a crawl,However, there are a lot of caveats to comply with when you say "no kids" not sure what they all are so if anyone knows those rules, it would help this thread out a lot