My wife is extremely risk averse so this slowly built her confidence in us leveraging my professional skill sets outside of the W2 for greater financial gain. 

@Troy S.I would say it depends on your level of connections to businesses and expertise in dealing with different businesses (e.g. logistical/legal/practical issues leasing the space to a restaurant versus convenience store).

Just to make sure..... verify that the legal description in Your purchase matches the legal description in; the foreclosure action, the original mtg from the previous owner, and in the deed where the previous owner purchased.Surveyors rarely make this kind of mistake, but that is also possible.If all the previous legal descriptions are the same, dating back to when the house was actually built, are we to assume that whoever built the house just “guessed” at where to build it?

considering taking the gains to put down on a small multi family, or SFH in an A/B class neighborhood. 

You get a 15% reduction on the original investment and all capital gains made from the QOF are Tax-free.

Being upfront and polite about this is your best weapon.I can't speak to the legal aspects of this, but i would assume they have the right to tow.

I've been working with a firm that offers legal services to real estate investors for close to a year now and have slowly become a convert to the idea of real estate, looking to dive in personally and build up a portfolio over the next several years (I am living in northern Minnesota.)Other than second-hand experience I don't know anything about real estate.

I suggest you go back to him asking about legal fee dollar numbers.You need also to specify the capital gain number.

This change alone stands to gain me ~$150k+ in equity due to the increase in NOI.My concern is that firing this PM may prove complicated due to his status as a tenant.

If you choose to do business in a state without an entity, such as an LLC C-Corp, or Limited Partnership,then you’re doing business as a sole proprietor and are given no (legal) protections if something goes wrong.