If real estate is really something you want to pursue you are on a great website.  

There are multiple factors including preferences, liquidity, budget and time horizon.My article: Choosing the Right Real Estate Market To Invest In: The 4-Step Guide to Success should help you get started. 

That's stepping into the deep end of the pool without floaties if you ask me (I know...you didn't).I'd follow Wayne's guidance and if they are the one's filling it out and have that level of disconnect at this stage of the process, I'd get another title company.On another note, if your offer is $450M and the BPO is $650M and the total debt is $850M, I think your going get to a point real quick like where this deal will fall apart.

Your best bet is to find a multi-family property that is mis-managed, has below-market rents, or needs to be renovated; then you can take the steps necessary to improve its performance.

I'm trying to figure out if there are legal ramifications for this type of thing and if so how does one go about pursuing it?

I commend you for taking that crucial first step, and that is reaching out on BiggerPockets and letting other experienced investors know you are in the real estate investing business.

From my research, I have narrowed down what markets, type of property and strategy I want to pursue.

You are definitely on the right track, and I commend you for taking that crucial first step in your real estate investing career, and that is actually reaching out to experienced investors on BiggerPockets.While you're here, the only advice I can give to you as a new investor is:1.

I was able to put in three very large windows, and build nice window wells with steps that angle outward using large strip sandstone.

Most people don't take that step.