We bought this about a year ago and haven't had a chance to do too much yet due to existing leases, but I'd love a strategy moving forward if you (or anyone else) wouldn't mind sharing. 

I would do a cashout refi on your existing property and use that and your existing 50k to invest. 

- What are our options and the right thing to do, so we don't feel we overpaid for the 125 sq ft that probably doesn't even exist!

Love this thread.The posts have really made it clear that opportunity always exists, its the individual that needs to skill up and capitalize Barriers aren't increasing , just the environment keeps changing  requiring a different approach

We knew the condo market was not hot, and it's a bit saturated right now.

If he didn't investigate to see if hookups existed, that's his fault.

Is this a good idea to purchase a property that has existing tenants?

We are selling an existing rental property and want to do a 1031 exchange to avoid the tax consequences.

@Orlando De Los Santos To further Colby's point on the saturation on the lists investors are pulling off of these software apps.

The plan is to demo the existing structure and build a new 9-unit apartment + retail building.