You are better off comparing to similar age properties that sold longer ago than you would normally look back.

I've done all the normal stuff as far as contacting the IRS and I get hung up on every time I call.

in my deals I actually fund the rehab money and can put it on the HUD and then give out as draws like we normally do. 

Normally you will be quoted a Dwelling/Fire (also called Landlord policy by some carriers) policy if it is in the Personal Insurance area.  

That being said if they want to stay, I would vet them through your normal methods.

I normally guide my investor buyers to stray away from properties new on market because that gives us leverage on the homes we do go after and my clients love this route and we have no problem getting under contract on some really solid deals where they're able to offer at list price (or even below and also get some closings cost credits!). 

If it is $500 under market you might want to offer help you would not normally offer.

Basically they refused to allow both parties to walk away with a check.We ended up running it as an agreement in the PSA where we did a normal closing and then they provided a wire post-closing.

Great price per foot and excellent cash on cash return / monthly income How did you find this deal and how did you negotiate it?

Also look at the monthly bills for electric and heating....and if there is a pool(s) the water evaporation replacement costs.Does it have 100 year old chimneys that are unusable and crumbling, needing expensive scaffolding re-pointing or removal.I'm just pointing out there are LARGE dollar outlays beyond normal for these big Trophy Homes that it would be smart to budget for monthly.Do you intend to ride a lawnmower and cut the grass yourself or pay for it--etc...