It also had a title report for bidders to review.

Did you run a credit and criminal report?

I went to propertyshark.com got a free report and it cofirmed the tip and that its owned by th state.

@Richard Mukai  I'm guessing the service you're referring to through LexisNexis is the CLUE report, but you won't have access to that (unless the seller provides it to you). 

I wasn't a business person, so I discussed this with my friend, he said the plan doesn't sound good, so I should speak to some experts regarding the pros and cons of this purchase, that is why I'm here.I will add a link to the product details, this was being used in my previous work and so far there are no issues reported.

Again, be sure you're reporting repairs/problems as required in your lease and know your rights.Best...

I was only going by their rental history from SmartMove report.

In fact, some people report that the $150/mo net positive door tends to have MORE flat overhead BS/time-sucking than the $1000/mo door just b/c of the folks attracted to the respective types of rentals in the respective types of neighborhoods/cities/etc, but not everyone agrees with that.Time to start swapping them out (1031) for higher per-unit cashflow properties. 

If the LLC is not the same tax paying entity or your wife isn't considered the same tax paying entity, it would be wise to purchase the replacement in your name, season it for 12-24 months to prove your intent to hold and then amend title.Regarding the operation of your current LLC, if your LLC is doing business in multiple states, there may be reporting and registration requirements for those states.

However, based on the economic reports so far, it looks like the third quarter (July, August & September) will be the mother of all economic rebounds.