Whether a Roth conversion makes sense to any one investor is a complex matter involving so many factors such as age, income, value being converted, cost of conversion, projected future tax bracket, etc.The cost of the the conversion would be determined based the appraised value of a property, less the outstanding debt. 

We have toured the building, which is structurally sound.There is other interest in the building, but our sense is that the owner doesn't love the offer on the table or that party's intent for the building. 

Does this exercise makes sense, if I want to sell the property individually?

Consider that your “zero” balance if that makes sense.

@Thomas S. makes sense. thanks 

Put in offers that make sense to you.  

I hope that makes sense.

I will be focusing most of my efforts on multi-family homes, but I will also pick up single family homes that don't make sense as flips, but work well for rentals.

Your post makes perfect sense.

They want equity and appraisals, so it usually doesn't make sense for them to do it with 2nd liens.