@Matthew Irish-JonesI think it depends on the scope of the rehab, it can be hard to find a PM to oversee a contractor on a major rehab.

You can still get it done even though you are not a resident the LTV usually is the major difference. 

It is still below the bank assessment but $184,100 increase seems a bit excessive considering is not a major city and no improvements had been done, any body familiar with assessments and stuff like this?

So at that purchase price and ZERO down (80 bank/20 seller) your after debt service income is something like 5k, which leaves very little room for error, one major roof issue or other capex event and you may be in trouble. 

The overwhelming majority are extremely low value assets in distressed condition. 

But then the majority partner would need to be very careful to not run afoul of related party rules.

Close within 10 - 14 daysCan anyone point out any major events during the purchase process that I'm leaving out?  

(Not including land, wetlands mitigation, major sitework, driveway, architecture,)

Major questions:  how much will the property rent for? 

All three buildings are in need of - from what I am told by listing agent - major renovations.