Plan is to use master lease option, and then hold for long term cash flow.1) Being a unique property and hard to find comps, given the appraisal, sale and listing data, how do you determine what your max purchase price to be?

Get a team together and walk (inspect) every unit and check every lease.

I am currently waiting to here back from my real estate agent about how much they are paying and rent and how long their lease is.

I’ve had a few good conversations with one I like but they charge a $350 lease renewal fee - half is assessed to owner (which I’m fine with) and half is charged to tenant.

However, what good is a lease if people aren't held to the provisions?

Account ClosedAny person engaged in property management activities in Illinois needs to be licensed.This would include showing a unit for sale or lease.The only way to get around that would be hire a leasing agent, which can only be used for leasing activities and not sales.

However, the Seller has brought up the idea of doing a Master Lease Option (MLO) but, with the exact same terms.

If I am responsible for the water and sewer bill, I add a seperate water deposit in the lease.

Then I’d set aside about $3mm for my startup costs: Office leasing, my securities counsel buddies from Cravath...Bloomberg terminals and jet leasing.

You mentioned the building is fully leased, so your income is most likely going to be fixed until the end of those leases, whether or not you put in money for repairs. 75-80% is common LTV on commercial loans.