@Brian Tustin this is spot on.

then at least in on the West coast ( and maybe Russ can chime in on his market) but rents went on a vertical tear upward.. basically almost doubling from 2010 until today were they have peaked and are softening.. which is about the same for home prices across the board with some higher end stuff seeing some significant reductions.. starter housing still strong in most markets thoughthe only place that was building like crazy that did not really busto I think was Hot spots of Texas. and for sure rents in the " Cash flow markets " were stable we were getting 700 a month for a little mid west bungalow back then and you get about the same today. 

Can you get to the area that is sinking in a basement or crawl space to determine why it is sinking?

The numbers quoted to me are close to spot on except for the monthly insurance cost.

I recommend roofing inspection, spot check a few empty units (especially with regards to the roll up doors), HVAC (if applicable) and drainage / asphalt. 

I think there's a right time for everything regardless of the market, you just have to pick your spots and make sure your projections hold up.

I'm hoping someone out there has done a similar deal and can shed some light on the blind spots that I'm not thinking about. 

This is what he wrote:To give you a basic idea of what's going on, I'm dealing with some shady **** with my current lender which has put me in a tough spot.

Don't make any decision on the spot and don't make any commitment on time frame.

The last sentence above is spot on.