You touched on this a little with your appraiser story, but another thing that can make your deal more or less profitable and, maybe at some point make or break, is the terms of your loan. 

Even if we have to keep the existing floor plan I think we could still charge $1400-1600 in rent for the area based on comps, which would still make this a profitable deal.Here is the unique aspect to this deal that I could use some help with.

My original plan was to take the profit and try to go to Indianapolis to purchase a couple of properties cash.

@Chris Gordon @Joe Villeneuve  I think the answer is simply what are your goals. 

@Peter Morrissey I am not sure how to calculate this, however can't you simply sign up for the STAR program if/when you purchase, so your taxes will also be at the decreased rate?

Completing this form is very tricky, and I highly recommend you leave it to a tax professional who has done it before.Yes, there is some audit risk involved, but not much more than your usual risk of simply being in business.

I like the idea of basing my offer relative the worst case scenario, might not close as many as if I were to go higher, but as a beginner I probably need to keep in mind “the fewer I close, probably the more profitable each individual one will be” (the lower my offers are, the lower my close ratio will be).And probably a better place to start, than as if I knew what I was doing. :)Thank you both for your wisdom.Cameron

appreciating market there simply is someone willing to pay you more than I am for your property.

@Eli Altman   I would simply open it and see what is inside before I worried about who owned it. 

Once the project has been completed, the profits from this project will be split equally between the 3 LLC's.How do I go about setting this up to protect the interest of each LLC?