The value add could be a mismanaged property, a property plagued by vacancy (marketing deficiency) a property that can be broken down into smaller units hence growing NOI, etc.A move in this direction would serve multiple purposes:a) Buy a deal you could generate greater NOI than a similar 'straight' leased investment.b) Allow you to gain some experience managing and marketing CRE space.c) Provide you with a track record in commercial which conventional CRE lenders look towards when loaning on CRE.

That business didn't survive my multiple trips to Iraq, so I'm cleaning the building out so that I can rent it also

Though the Hotel and Multiple Dwelling Law provides that multiple dwelling buildings having a condominium or cooperative or mutual housing corporation form of ownership are under the Bureau's jurisdiction, the law also exempts sections of such buildings that: 1) contain not more than four dwelling units, 2) have at least two exterior walls unattached to any adjoining building section and where attached, are attached exclusively by fire-resistant rated walls, and 3) contain dwelling units that are owner-occupied (if both owner- and non-owner-occupied units are contained therein, only the owner-occupied units are exempt)."

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.

It's been a frustrating process with the agent who didn't honor our deadline for a response (which was the first by many days) but waited for more offers and then did a multiple counter offer, meaning they countered several offers.  

Multiple heirs can be a deal breaker.  

Running each property seperate from another in LLC's would be a bit much, most people run one LLC with all the property under the same umbrella, sometimes if they are spread across multiple states and cities people will separate them out.

-I want to own multiple properties (3-5, or a lot more) that create an income stream, so buy-hold scenarios interest me (whether its condos or SFH, I'm not quite sure).

As Wayne said, you need to make sure the stay was lifted in the bankruptcy and then you are free of any restrictions imposed by the bankruptcy (or bankruptcies- they may be trying to play games with multiple filings). 

I very much like the idea of having multiple streams of income.