A disregarded entity pays far less in taxes than you would in another structure that incurs double taxation.Insurance costs, special assessments, sufficient provisions for capital expenditures, property tax increases, legal bills, etc can all pop up and force you into the red.Moral of the story, do your due diligence properly.

It's just like you said, realistically what is he going to do with a windfall of cash at this point but on the same token It's unlikely that he will want to carry the note for 30 years.

This should be sufficient for the appraiser.

For example, I would want to see the value of my properties in the context of the other similar properties on the same and adjoining streets.The reason I don't think the value alone is sufficient is the values are arbitrary until supported with the comps which were not disclosed in the letter. 

Like stated by @Jim Pellerin, the cashflow tends to be better, but on that same token you're now responsible for managing 4 units vs just 1.

Can tenants bar entry to the property even with more than sufficient notice and masked?

Based on my qualifications at the time, it was one of 3 properties I could buy that had sufficient rent and a low enough price.

I wasn't aware of this bill passing and I haven't seen any major slowdown with Wholesalers in OKC, so I'm not sure if this is a token bill that will never really have teeth, or rather one that is taking time to enact.You might interact with Tucker McIntire or Tez Aberta and see what they know.

Worrying about current market conditions only makes sense if you do not have sufficient liquidity to withstand a temporary downturn/setback. 

If the account has sufficient funds, cash the check at his bank.