If the property really is discounted $60,000 what am I missing?

The search does not trigger anything handy (try searching for "CPA" or "Accountant" for fun, it's missing 99% of the actually related posts).I am creating a Fund of Funds that will invest in syndications, and I am looking for a CPA that can (1) advise during the fund creation, (2) handle the tax filing for the FoF, and generate the schedule K-1 for investors.Any recommendation for this more advanced setup?

What am I missing here?

Up until now my point of view was that it was a good summer to take some $ off the table thanks to the bidding wars driven by anxious people scared of “missing their chance”.

Also take a look at the grading of the surrounding ground to make sure water flows away from the house, not to the house.Siding can hide many damages, if you see patches or cheap siding recently installed, it is time to start asking , what and why.HVAC, how old, how old is the ducts, take a peak in the the registers, how dirty they are, HVAC handler closet, look for mold in this area, the condensate water drain condition and where it goes.Electrical panel model and manufacturer, google it for recalls.Floor carpet if any, I hate carpet because it hide damages and if it is secure you cant pulled it to look under, look for stains or cold spots, that is an indication of a wet spot. specially near baths Kitchen or egress doors.Kitchens and baths, old or new, try to look behind frig and dishwasher, they hide a lot of  water damages and are very subjectable for mold growth.

@Jaime Rossini,  there is a lot of info missing in your post to allow a full assessment but here is how I would look at the situation if I was to buy with a view to house hacking (live in the vacant unit for a couple of years).Regarding the purchase, this is how I would determine how much gap financing I would need.Purchase Price + Closing Costs for purchase and new mortgage + Cost to Upgrade vacant unit - How much can I afford to invest as my own initial equity?

Besides just doing that, I would check the MLS/Zillo/etc yourself to see what's listed as your agent may miss a property or not realize one matches what you are looking for. 

So all in all- by the time the tenant has missed a month of rent, had the 3-5 wks for a court date and another 2 weeks for a lockout it's about 2.5 months i would say.

I just missed it!

Let me know if I am missing key pieces of information.Thanks!