There is still a senior lien that is not being paid and will eventually foreclose but given that you now have title you can take possession, turn on utilities, and rent the property out.

@Mike T.My advice (I am a heavy CL user in all aspects)1.

Multi-family is trickier and more involved than SFH units anyway, and then you have the added stress of it being very far away and not connected to public utilities.

Originally posted by @Nat Chan:You want to utilize MLS based comps for property evaluation purposes.

Utilize them all.

And you are also dealing with a parent...who often is outraged at their child's high utility bill.  

To play devil's advocate a bit, the disadvantages may be (1) keeping the integrated team busy, having enough in the pipeline to fully utilize your staff and run efficiently all the time, and (2) when the market goes south, and it will, if you employ a lot of people, it's really hard to downsize quickly enough to stay efficient.  

Lets say i bought a condo under an LLC for short-term rental purposes. and on avg it was making 1k profit pre month after all the expenses (mortgage,taxes/insurance internet utilities). what % would i be looking to set aside for taxes? 

My game plan is to utilize both my own cash as well as " hard money."

I'm at a lost.....All utilities was on and functional during the appraisal.