San FranciscoI spoke with several brokers in the SF market and got the impression that SF operates differently than the rest of the Valley.

My understanding is that multi-family real estate with up to and including 4 units is valued the same way Single Family Residences are, using comparable properties in the neighborhood.For multifamily apartments with 5 units or more, use this formula: Income - expenses = Net Operating Income (NOI). 

You may want to speak with the condo association and find out if the tenants are behind on their HOA dues and if the units are operating at a profit.  

The figures are as follows:Asking Price: 120k (will be brought down)Net Operating income - $20,088.00Total expenses - $10,201.96 (maintenance still to be given)Downpayment 10% = 12,000Less 5% Loan - 6,957.24NOI: $3,244.72 - a 27.04% return at $271.12 cashflow a month.

Can I operate totally independent of her, and if so, does that mean she can't be listed on any title?

My goal is to move to Cincinnati in the spring of next year, where I'll be operating a small contracting company with a partner.

Many times it may make sense to have two LLCs for asset protection reasons: 1 as a Holdings LLC that owns the assets, and another Operations LLC that takes possession of but not title to the assets and operates them. 

I would say the key is to set up the team in the city you are going to be operating in.

Most people can't do all of these things well right off the bat.If you can become an expert in one helpful area and then partner with an existing operator you will benefit twice - once from your deep knowledge of a certain aspect of the business, and again from working with an operator who as already made the rookie mistakes.  

My goal is to build $10,000,000 portfolio of turn key, high cash flow businesses operating out of their own commercial real estate over the next 3 years.I have joined to network with like minded investors who are interested in joint venture opportunities.I look forward to hearing from you!