Specifically in Utah?

With her 14yr experience in condo property management with a Chicago portfolio, we have decided to capitalize on that knowledge to build our own portfolio through buy & hold opportunities, specifically multi-unit properties.  

I've got some specific questions and would really appreciate a little guidance.

I doubt you have a problem, but I don't know the specifics, so I second Tyler Hall's suggestion to speak with a real estate attorney.

Just food for thought: What would happen if you bought an investment property for 200K which cash flowed $500/mo. with an ROI of 17% (just an example) and the month after you bought it the value dropped to 150K?

. , these are all good questions for an attorney that practices in the state the property is located.Evictions are very state specific and missing a step if you rush into it will only further prolong the process.

By law, payoffs have a specific time period a lien holder has to abide by.

So I would expect for the seller to tell you to take a hike, and you wont have to worry about your offer.Regardless of the repairs costs, unless you have reason to expect the appraisal came to the value in error (bad comps, errors in the specifics of the property, etc), than the $340k number was never going to happen.Sounds like the property has multiple problems, and it sounds like your not an expert at spotting these and have to rely on contractors, I would recommend you run from this property.  

I'm looking to do a remodel in Stone Mountain, specifically a major kitchen update.

Send a message if you want to talk strategy or get more specifics for purchasing out there.David