I have been using it and I have been impressed.

I start to look at houses for sale and think how insane the prices are for even the not-so-impressive homes.

I was under the impression that they make the letters and I send them out.

I wasn't impressed with the service I got and decided from then on, rather than finding a good agent, I would put in offers direct to the listing agent, the offer would be lower than others, but they would make more commission and improve my odds, right? 

They were talking about extending their lease by 2 months while they look for another house and we never really hashed that out, so maybe they are under the impression that I am ok with it since they havn't heard from me.

I'm under the impression that you addpurchase price + rehab costs and - land value.

You're helping a lot of BP reasers by sharing the details.Your're impressive as always:)

I am under the impression that folks love REI for tax advantages, but obviously I only have a loose understanding of the advantages -- or if they are really rather overemphasized by sponsors.If you had to place a number on it, would 20% be the amount that, when all’s said and done, one tends to owe the govt. in taxes on standard MF syndications?

@Jamie Derasmo I've heard a lot of stories like yours over the years and my impression is that most condominium complexes aren't managed well, whether that's due to the condominium association itself (a committee of people who have little experience in real estate and too much time on their hands to debate everything) and/or the property management company (often the good PM companies avoid dealing with condo association boards because they're a PITA, leaving the poor/mediocre ones who need the business).While I would "never say never", I personally have decided to avoid investing in condominiums unless I'm getting an incredible deal.If you do decide to go forward, make sure to check out the condominium association docs, particularly whether you'll be able to rent your unit.

Very impressive!