If so then you need to determine highest and best use based on demand and then run the numbers to determine the most profitable scenario is for you.  

Hi, I’m looking for feedback on a deal I’m working on. 7 units ( all 1 bedroom) in CT. Generates $4500 per month. Tenants pay utilities ( all electric). Property in good shape. Asking price is $320,000. My offer of $2...

IRS has rules about undercharging rent. 

You could well be an undercover guy from the IRS giving me a story you're buying the place needing operating statements. 

Plus I have been renting from a friend so rent is very low and calculators determined it would be more worth it to rent than to buy.However, things have changed and my girlfriend will be moving to Chicago for me.

The zoning designation determines what you can do and not do.  

But the fact is that even if you have never taken the depreciation allowance tax benefit the IRS will make you pay it back when you sell. 

From a financial perspective, how do I determine if I should pursue appreciation in LA first vs. cashflow out of state first? 

I have worked through (2) banks to determine loans and was easily able to come up with commercial refinance terms between 5.5 and 6% for a multi-member LLC (i.e. we have 3 of us as well).

They're under-valued, but you absolutely HAVE to have someone who knows the areas really well to be able to determine whether or not a property is in a "good" neighborhood vs. a "bad" one.