Whether you buy the property cheaper, ARV it for more or reduce costs, is up to you.The 70% ARV is not going to change, so you’ll need to adjust accordingly on your end. 

There are many posts here on biggerpockets about investors being concerned about the Chicago RLTO changes which state tenants can sue landlords for minor errors with the security deposit.

I looked at Trenton for a while in terms of living and considered there myself, however the neighborhoods can change quickly.

Now things have changed and I have the opportunity to turn the units into condos and sell them individually.

May have overshared here but lemons aren’t changing without some sugar and aid.

The problems began when the cleanout was done and the crew didn't change.

@Ben McMahon a question about the liability comment.... is that bc they may run into a cost overage and not change the agreed upon price?  

I'd be on the lookout for significant deferred maintenance, and be sure to get proof that the tenants are all actually paying. at 24 units the property management probably isn't on site, or if it is its probably a part time live in manager, so make sure you have PM ready to go, you'll likely want/need to change it. why is he offering at 9.2 cap if the market supports 6 to 8?

Our agents create templates so we can simply change the property address and offer amount for each.

Yes, it's a large sum, but there was a previous all cash offer on the property and Kevin, while he is using a Mortgage, offered a higher Purchase Price and a higher amount for Earnest Money to be deposited on Contract.The Check for the Earnest Money on Contract was made out to the Seller's Attorney Mike as Escrowee, so I am assuming that the Earnest Money had to be deposited into the Escrow of the Seller's Attorney.Kevin then Applied for a Mortgage at a well known Bank.Title was completed and an Appraisal was ordered.Sometime around mid-June 2017, a few weeks later, the Seller's Step-Sister filed a Lien of Rescission to stop the Sale.When the Appraisal came back, the Lien of Rescission was discovered, the Mortgage Bank added the Lien as a condition to clear for closing.A Civil Case was filed against the Seller and the Case was suppose to take place around December 1st.Buyer's Attorney and Seller's Attorney agreed to postpone the original closing from 45 days after signing the Contract on June 13th to December 1st day, documented in email.The Case was then postponed to January 29th, 2018.Along the way, the Buyer's Attorney got sick and developed ALS.When January 29th, 2018 came, the Seller's Civil Case was again postponed to April 1st, 2018.The Mortgage Bank issued a statement that the Mortgage Contingency was no longer valid and has expired.Kevin then changed Attorneys.