I was glad to read through this post and discover what looks like a happy ending.

I discovered it while working on the lower unit.

Do I want to be a LL in this area?

+I also discovered that if you search for multifamily in other states/counties like in Texas, it can't tell if it's Multifamily (5+ doors) or 2-4 units.

Sometimes my suspicions are correct, sometimes not, often I never end up knowing for sure...so I am always trying to fine tune my nose.Was wondering if you could share your experiences about what type of fraud you are seeing and how those borrowers presented themselves to you and how you caught on.I recently had a transactional deal that got pretty close to funding before I discovered that the title company was a front company claiming to be First American.

Perhaps they think there will be a problem with your purchase price and they don't want an appraisal to discover that.

I bought a house and discovered it floods during heavy rain storms.

That year of building is probably running galvanized pipe from the water meter at the street sidewalk to the building.Those usually rust internally and start leaking underground.To replace that line with copper can be very expensive especially if the line runs under the parking lot.You would need to cut up the road,take out the line,put the new copper line in,and then fix the road.This can cost tens of thousands to over a hundred thousand depending on length of the run to fix.I would be concerned with a building of that age with hidden problems discovered once the current tenants leave doing TI.Could have asbestos,roof problems,sewer problems with the cast iron system,lead paint,etc.With retail buildings usually have a life cycle of 30 years so they are usually torn down and regenerated instead of a 50's vintage still standing.Regardless if it is a great location and not a dying part of the old town where the growth has moved then eventually a developer would be interested in partnering with you and building new or buying from you outright.You have to really look at these types of deals from all angles and work with someone looking out for your success.Not someone wanting to just "sell you something".I view instead of selling people on things to get one off commissions to instead help them make long term sound purchases.If one is successful then it stands to reason a relationship will be formed and they will buy more off of that success.If a broker/agent sticks someone in a bad deal then later business from them and referrals will be non-existent.Some of these brokers only representing corporations as sellers do not care about the buyers or if they buy right.This might could be a good deal for you.Just think of the multiple exits as much as you do about the purchase.

In my search for knowledge on this subject I've discovered this website and I hope to one day be a productive member of this community.

If you sell the property and sometime later a defect in the title is discovered that would be grounds for a claim against a title insurance policy, you essentially became self-insured.Get specific details from your favorite real estate attorney or title company.