There is also a relatively minor issue of recapturing depreciation on the rental portion.

I'm on the lookout for promising investment opportunities specific to multi family, 3 or 4 units with a good unit mix.

The rationale is: make sure you've thought through all (or most) of the issues that can come up.

We use the same process locally, unless there's language in a listing about not accepting blind offers.To your specific questions on taking a trip to visit all properties and then decide? 

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

You'll also pay Spark's $59 membership fee 60 times, the LLC maintenance fee 5 times - $3.915 in expenses to use Spark as your "platform. " Net $1,085.

Is suing for specific performance the way to go? 

We no issues closing in an LLC, as a matter of fact most of my lenders will prefer it (assuming it is not your primary residence)Assuming it is not your primary residence, the easiest way to do this deal would be through a DSCR Loans.A DSCR Loan will use current rents or market rents if the property is vacant and personal tax return from you would NOT be required.It also referred to as a No Ratio Loan because your personal Debt To Income is not important.What is important is that the property can pay for itself.If we keep the LTV Low the rate for this loan can be better than a conventional loan.If you ARE Living in the property and you want to keep it... it would mostly depend on how motivated you are and how willing you'd be to "postpone gratification"The best bet is still a DSCR Loan.. which means you moving and renting the property out.We can bring in Asset Based Financing that can help with cash down (if you need it) or to pay cash for another property for you to reside in.Once you're moved out we can do the DSCR Loan at a 70% - 80% LTV or we can calculate a comfortable cash flow number.For example, max cash out that will give you $500 cashflow after a full PITI payment.Let's discuss more!

Love this platform and the helpful people on it.What questions do you have so far? 

Thank you, I can always shut them off and see what happens but wanted to avoid any unnecessary issues ;p