I just don't see the market continuing in this way.

For that matter Sub2 is legal in all states, see the Hud1.See the federal form HUD1 line 203Understand the due on sale clause.  

This will let me quickly see the value in buying properties below market vs buying at market prices.

I invest in SFRs in Little Rock.How likely we will see the end to income tax in Arkansas with Sarah Huckabee Sanders?

They don't see things objectively.  

This building is all month-to-month at the moment but I didn't mean to limit discussion to the specifics of this building, per se.Regarding your mention of tax returns, are you saying that the lender is going to want to see the seller's tax returns?

One of the people that met me there to see the house was 70ish year old guy who promptly tripped and stumbled/fell ten feet before landing in a pile of snow. 

There is no reason whatsoever that you cannot see the inside.

The age of the carpeting, and deferred maintenance is not visible at this stage.Once you see the property and inspect yourself or have a professional inspection, they you would know the deferred maintenance as well as upgrades and improvements needs at the property.

However, consider looking at the difference between the two from the perspective of the investor: With a syndication, I am fully informed on a specific deal and see the specific returns it can provide.