I understand your comments and concerns that i'm way off base.I didn't expound enough on my original post to include that i'm assuming all purchased non performing notes would be taken through a foreclosure process of some sort, whether via friendly foreclosure, quit claim deed, etc to convert that debt instrument into real property.Out of curiosity, why would it be unethical for an attorney to handle the foreclosure process without assessing any fees for their time?

Either way, a buyer can assess "real" square footage fairly easily by comparing your house to the others they've just been through.Given the not-insignificant expense of doing what you propose, I'd leave it as-is, as a 4 bedroom.

We'll be looking at each deal individually to assess the best plan for each house.

I would challenge the assessment and try to get those taxes lowered.

Can go to a home and assess needed repairs / send me a picture of work that needs to be considered.

Vacancies, major repairs and assessments happen.

I would start with assessing what level of risk the new partner is willing to accept.

You need to realistically assess the solds and current listings and be sure you're is priced to be a good deal.

Otherwise it is common to apportion by: 1. the breakdown of land versus building from the assessment(not preferred) 2. 10% for land 3. 15% for land.

This is not like having 50 units under one roof that you can drive to and assess if the property needs any upkeep.