Does anyone know the legalities around this description, or can connect me with someone knowledgeable on this topic? 

Per your description, a property with 10% GRM means its purchase purchase price is 10% (one-tenth) of its gross annual rent.

That description pretty much sums up the situation we inherited with our family's real estate portfolio.

I am still a huge fan of the "hover description", where you put your pointer over the title of the post and the first 3 or 4 lines pop up to give you a preview of the post without opening it.

@Joe SplitrockI love that, your description/explanation nails it exactly how I see the relationship too.

You can read the descriptions to determine if they might lean to one side politically. 

Also when you walk it record it and give a description of what it might need.

PROJECT DESCRIPTION - Design, Architectural Improvements, and City Permitting for a new detached ADU in San Diego, CA SCHEMATIC DESIGNAs-built Documentation And Verification.Space Planning and Layouts.DESIGN DEVELOPMENTBuilding Code Analysis and Verification.Photo-Realistic Renderings.CONSTRUCTION DOCUMENTSConstruction Documents For Bidding And Construction Purposes.Coordination With Structural and Civil Engineers As Required.Title 24 Calculations.PERMITS-EXPEDITINGAll Permit Necessary DocumentsCoordination With All Reviewers Until Final Sign-offs.Running Of Permits Through The Local Municipality.Coordination With Necessary Entities As Required.CONSTRUCTION ADMINISTRATIONConstruction Meetings And Responding To RFIs.This is the typical level of service we provide.

You will want to connect with @Joe Homs, he is an expert in the OC market.I suggest you complete your profile: add your picture and some description about who you are.

I now would like to back out of the contract because the house only has one bedroom and not two like the description on the auction website.Would love to hear if anything faced a similar situation and was able to get out...