@Eamonn McElroy is right, don't rely on an accountant to discuss legal liability, and don't count on me to give tax or financial advice (by the way, I'm not providing legal advice here, just sharing some common practices). 

I'm a new member who has been battling the all to common question of hold vs sell.

Now it's starting to get weird.Although this is a lead my gut reaction is to steer-clear of this seller.

The place is in good condition with not much clutter and no clutter in common areas. 

Is the same true of SFR's where it's common to long term hold them and then get a pop in CoC when your mortgage is paid off down the line? 

I spoke with a long term lender and they discussed they see no problem with the numbers and the example is very common, but is there anything I am missing?

Thanks in advance A joint venture partnership is a partnership between two or more people who want to combine forces to attain a common goal.

No common areas that use water.

Go with the most commonly occurring (the mode)?

very common strategy for high net worth investors..