I am just a customer.Disclaimer 2: Not commenting on what the OP is actually doing, simply for how to sign a document online.To have someone electronically sign documents you can use Authentisign by Instanet solutions (Google them).

We also shouldn't be so emotionally upset about our past bad/nonpaying tenants that we compare them to our OP here.Please keep things kind or at least neutral in this thread so that we don't have to close it down. 

Yes fees are high, but after Refi, my out of pocket expenses have always been around $5-$8k, not bad and usually taken care of within 18 months of rent.To answer your question OP, @Brian G., I use conservative comp numbers.

And after factoring in op expenses, allowances and debt reserve, a 5 cap investment will most likely turn into a money losing proposition.

Aside from the financial reality that a PM will consume over 1/3 of your cash flow (~15% all in with all fees included of GROSS rents, which is likely >30% of NET),  managing a bad PM is MORE work than managing a good tenant yourself ... a vast majority of PMs are bad (PMs and newbies will argue otherwise, but this has been my experience) ... if you buy quality properties in quality locations (see Sales part in OP) and then screen your tenants, then most tenants are good.I would also hope that this post would dispel the common false belief that REI, at least as far as owning individual properties, is or even should be a passive investment ... it is not, it is starting and running a business just like any other.

Us randomly taking over the OP's thread to explain it here isn't quite the place, especially being the answer is out there for you already.

In reading OP's post, he's not talking about a large scale investment project, he said "Hey BP, I am currently looking to partner on a small multifamily deal with a friend.....".

It seems mostly apparent from the ops description that the use of the word condemn here is in reference to building code violations being enforced in an order to destroy the physical structure on the land, and not seize the land through the use of eminent domain, nor to express disapproval.And when a municipality condemns your physical building, you don't get compensation like you would via eminent domain condemnation, but rather you get a big fat bill for the cost of demoliting the property.

Granted, had I known that ahead of time there wasn't much I could do since back then I had my salary job and couldn't earn/make more money (who wouldn't love to just "generate more income") to have enough to offset the massive PAL (like OP, I was offloading a poor performing rental).Thanks again.

Unfortunately, people latched on it, and it deviated from the topic so I should have left it out.We all mention people and places to learn from so I'm not sure why it's a problem if it's an OP.