We believe if everything goes well we will make worst case $$50 best case $80k in profit.

CD is really your only option if you can get good terms.At this time I would focus on price, if you think he is over valued you may have to conduct an appraisal to get him to believe it. 

I believe the 1.3M was assigned something like 800K in land value and 500K in re-design and physical improvement cost (we had an approved but not yet built 45 unit apartment addition to the existing 135 units which required design revisions).

I'm not apposed to spending the money to have mold remediation, but I don't believe that it needs to be done.

I believe the original owner perjured themselves, bank fraud.

Since then I have taken in a lot of knowledge on the subject of real estate, and I believe I'm ready to start networking with other investors in my area.

I’m beginning to believe there is shady business going on with who gets the contract.

In many cases, if you ask the agents they are going to tell you whats going on.Sounds like the seller believed he knew more than the other agent.  

I really need to get with people of like mind, also I believe in Multiple Streams of Income.  

Yeah I believe the class of properties are A to B, in South Loop and Bronzevillle, but scale is definitely the issue.