The assessor looks at all comparable properties to determine FMV and will disregard your purchase price if it is not in alignment with FMV.

Compare that statement to some others in the industry: "We believe that responsive technical support is a requirement for our continued growth."

You need to know how to identify proper comparable properties and make the correct adjustments.

I have seen one persons add already but will see if I can find more and compare rates.

Actually, I always wondered why more investors did not partner with their local housing authorities.

I need compare the LLC fee w/ the S-Corp state income tax..

There was an article posted recently on the BP blog about partnership agreements, written by an incredibly smart author (ok ok it's my post) In any case hope this helps: http://www.biggerpockets.com/renewsblog/2013/01/10/real-estate-partnership-agreements/

Patrick take the time to inspect it, if there is a comparable selling at that price, I would say its a good deal.

I am in the NYC area too, perhaps we can compare notes....MJ

As stated by the previous poster, in my opinion, it would depend on how much of a spread there was percentagewise compared to total investment.