We will have a comprehensive operating agreement, that's certain!

I am looking to buy a multi family property, however, the price that we would buy it for is ~$150k higher than the assessed value.

In my view, a good way to assess whether a contractor may be a match for what you're looking to accomplish is: (a) Walk through a recent remodeling project or two done by the contractor (this one is important if you already know the quality level you are trying to get), (b) Get addresses of recent projects and check how quickly they sold through MLS, (c) Talk to the property owners who hired him for remodels and see what they say.

Again, see #1.Charges remaining unpaid long enough will be assessed to the property taxes and become due with the 1st half bill for that tax year (billed in arrears the following year - also a topic for another thread). 

Most communities have specially trained officers who can deescalate crisis situations and assess the mental (un)health of the Crazy Joe's of the world. 

Without those things, a tax assessed owner can claim you were not in peaceable possession, you are not entitled to be paid for any improvements at all, and by the way you should have to pay them actual and punitive damages.

Without those things, a tax assessed owner can claim you were not in peaceable possession, you are not entitled to be paid for any improvements at all, and by the way you should have to pay them actual and punitive damages.

One other tip I used with my last vacancy, create a video walk through showing the exterior and interior and post it on YouTube, I sent it to all the leads asking to view the unit & it helped cut down on the number of tire kickers I got who wanted to walk through the place.As far as assessment, rental history is important, make sure to check with the references provided, I also use Cozy to help with the credit/background check once someone’s preapproved.

The total income of the building was $52,400 while their expenses were $30,600 with a net of $21,800 from 08/01/2018 to 07/09/2019.Looking through the CAD property search, one property is worth $213,458 and the other is $230,028 bringing their assessed value at $443,486.

It should be labeled an assessment line.