If you purchased it in an arms length transaction for substantially less than $120k, you likely have grounds to challenge that valuation and have it reduced.Anecdotally, I've had some RE attorneys and investors tells me they have properties that they'd consider selling, were it not for their very low property tax valuation. 

Here are the key questions to think through before you get it going:1) what do you want to buy2) how much can we afford3) how will you pay for it 3) what are you going to do with it afterHere is how we tackled this challenge:1) Find a reputable and responsive agent to work with: we worked with @Sharon Tzib2) Get pre-qualified with a good and local lender that work with investors: we usedd Rochelle Frazeur from New American. 3) Use some good MLS criteria to set up lists with your agent3) Find out how to identify a good deal: We got our hands on some good cash flow analysis calculators (thanks to @Sharon Tzib) and we used the calculators on BP as well4) Make neighborhood visits to those areas of your interest5) Find other venues to meet up with other investors or go to workshops and meet up's: We've attended BP meet up in Houston, events with Jet Lending, meeting with Wholesalers, and we've met one-on-one with other investors6) Look for non-MLS sources to find properties for sale: wholesalers, and local listing through Rich club or word of the mouth7) Talk to the property manager if you are planning on using on.

What has been your challenge in getting into real estate in the area?

Has anyone ever challenged this system or have an attorney you can refer me to help with something specific like this?  

The South Florida market in general  (and Miami where I am from) can be quite challenging to find the very good deals.

We have two young children, the youngest who was just born a week ago!

., young children is not longer an issues)Ask these financial gurus to help you pay for your term insurance contract when you are 60 or 70 years old.

BP world,I am looking to get financing for several upcoming deals, however finding honest and fair private financing can be a bit of a challenge and convoluted.  

Not only will you gain valuable experience, but you'll also save some money. apparently he lives in Cleveland and the property is in Detroit, would that pose a challenge in self-managing a property?

I knew I had to approach life differently to live and love every second of it.I started this blog in 2008 when I was 22 years old as I wanted to keep a journal of my new life and its challenges.