Someone on the seller’s side can reach out to the bank’s attorney and provide a copy of the purchase contract, final CD showing that bank is being paid in full upon closing, etc.

Lots of smaller (under 2MW) projects are stalled or curtailed in what has been a real growth oriented business that employed (note: past tense for small players) lots of people.

I have a good buddy in Columbus he is one of the top " players" there owing about 260 props, not bad for a 35-year-old.

Some of the players in the small balance world are Wells and Chase so see if there is one of those local to the property.

., which areas of philly yield that much, and are these C/D areas?

You have the quality of the location A,B,C,D and then quality of the building itself A,B,C,DSome areas are F but those are war zones where just a few percent of investors put money into owning there.

In a C/D class area management is very intensive and must be something you stay on top of at all times.

Sounds like those numbers are rosey/pro-forma because low-end tenants for a C/D area are hard to manage so you need to up the vacancy reserves significantly to a minimum of 10%, preferably 20%. 

Note that there are multiple players in the title insurance world.

Don’t mean to sound discouraging, but I think it’s extremely challenging for a new player to “fix and flip” apartment buildings in prime Bay Area locations. 1- you need a lot of money to start. 2- many more experienced players with significant broker connections are looking to do the same thing. 3- it’s very tricky in any city with rent control (you really need to know what you are doing if you don’t want to loose your *** off ;)As for your question who buys these turn key properties, that’s easy: rich people.