Don't forget to budget for repairs/maintenance, unit turnover costs (about 40% of your units may turn annually), legal and accounting fees, a higher real estate tax bill if you're paying higher than the assessed value, and landscaping.

Even if your payments escrow for taxes and insurance, you still have to contend with vacancy loss, repairs, maintenance, depreciation, tax preparation and planning expense, occupancy permits, special assessments, tenant damage, any casualty loss up to insurance deductible, property management fees, etc.

Also, make certain it doesn't have a special assessment attached to it if they just put a roof on.

I'm also planning to head up there next month for some spring cleaning/assessment (we had seasonal renters in there all winter), so perhaps we could even meet in person!

So with a new assessment, we expect we will have at least 20% equity.

I'm also willing to take a gamble on my skills at assessing the condition of the property from the outside.

If the comps are weak in that subdivision 6 months back I might try and got 8 months back and go out in about 1 mile radius but sometimes the surrounding subdivisions are not comparable at all (I figure it out by driving all the comps) and do not make good comps for the subject property.Typically in these sort of scenarios I have been making my 70% minus repairs offers based on the properties tax assessed value as the ARV.

Aside from the fact that I don't agree with your assessment given, even if it were true, then simply form relationships with those list agents and let them double dip.I am proof in the pudding that making offers on the MLS works here in So CAL.

And here is how this property is laid out; current tax assessment of land and building is 318k with a religious tax exemption.

You admitted having difficulty in assessing the aspects of state statutes, yet you can determine risk associated to members in a SLLC.....really....You mentioned leaving Joe high and dry, obviously you have nott seen a good partnership arrangement in an Operating Agreement, I have written many with interests and rights well defined.