This sounds like the price is too high or they have found a better deals after closer look.It really depends on many factors, like what is the exact location, what is the shape of the lot, how is subdivided,  how is it accessed, how far are the closes utilities, are those private / public, is there any public access, are the access sufficient or do you have to build a new roads etc. 

Or does it depend on the zoning of that particular building?

I would say real estate sales is generally more lucrative than property management although of course it depends.

Depending on your involvement, you may be self employed and want to be sure you are recording this properly. 

As to whether an LLC or LP (or some other form) would work better, that will depend on local tax laws.

I am looking for an dependable and fast appraiser to do appraisals for our company. 

Not a bargain IMO, as I’m not sure what the market value would be as a tic. 1- it’s really tiny, this isn’t HK, Singapore or even Manhattan and not a lot of tiny units trade hands in SF. 2- it really depends on things like the entrance to the unit, garden space, etc.  

It also depends on what is being done to the home and what your state requires.

Here are the numbers:Purchase price: $130,000Down payment: $32,500 (25%) (conventional)                             $26,000 (20%) (private)Interest Rate: 5% (conventional with principal and interest payments)                         10-12% (private with interest only payments with balloon at 24 months)Appraisal value: $205,000 (this is what it appraised for before any work has been done)                             $280,000 (estimated after reno)Rents: $1,400 (already rents for this before purchase with 2 of 4 units occupied)             $3,000 (once units are renovated for occupancy)Estimated Expenses: $1,300/month (during reno)                                      $1,700/month (after refinance)Estimated Cashflow: $-100/month (during reno while I live in flip)                                     $800-$1,300/month (after refinance, estimates are depending on interest rates and conservative estimate)Let me know if you need more numbers for better clarity.

Depending on the price decided upon after my offer is submitted this 6 month wait could cost me somewhere between $18-25,000 in interest on the HELOC.