You would need to file a proof of claim for the monies owed and hope you secured it by a deed of trust.

I'm new to real estate and looking to grow my network so I can learn to manage and grow our portfolio.

I am willing to go as high as $480k for this place.

Without a hours-long conversation, here are things I consider.1) I have never invested with anyone that charges an acquisition fee, and most syndicators charge an acquisition fee. 

I just moved to Panama City Beach and am excited to learn about the market here.

CoC will be down to about 8.1% with 10% vacancy/repairs assumed. 

It will also most likely be my last year of playing baseball here as well.

I've talked to TransUnion four times in the past 3 days.

I am open to any and all Ideas so please I would love to hear from anyone with ideas, advice or general information. 

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.