If that LLC has a significant mortgage against it, thereby reducing its net worth, it becomes less of a target.

A few weeks later it was on the mls for the same price, and recently reduced to 126,900.

Things take much longer to develop than people think.Typically when you see big apartment buildings go up it is a 3 to 5 year process.It might only be a few years from the time the public hears about it but before that years of legwork went into getting to that point.I couldn't say if right now was the right time to build.Everything is project specific.If the city will let you use a class C finish rather than a class A the numbers will save you money.Just to give a for instance some cities will demand a traffic light be put in for some projects.The traffic light parts itself are not that expensive but with the fiber optic hookup and underground cabling you are talking hundreds of thousands just for that one item.Typically on larger projects it's a fight for the developer to make profit.They propose a certain density and drawing.The county or city then wants to reduce the density and add in all these road improvements and lights at the cost of the developer.All the costs have to work for both parties to get a deal done.I have seen some projects take 2 years to get approved from submitting after going back and forth with revisions and tabling until the next meeting.So half the battle is the cost and financing available when you break ground and the other is the political junk.How much total land would you be getting??

I would rather spend my overhead capital on marketing, rather than an answering service.

Recently the listing agent said it was approved in the online system, although we are still waiting on the approval letter.We have an inspection coming up once the letter comes in.If we find major damage ($5,000+), we may want to reduce our offer to allow for the cost of the repairs.Question: If we void our initial contract, are we going to have go through another 3-4 month process, or is it possible to make a simple call to the bank to see if they will accept a revised offer?

You are the buyer so the lender could care less what you say about a BPO.The BPO was performed by a third party who was paid a fee for doing a non-biased order.This is why with REO's you will have the listing broker in pre-list do a BPO and they will order and third party one as well.In short sales they will order a 3rd party BPO.If FHA short sale they will get an appraisal.Investors always look for minor stuff like carpet and paint.SO ARE regular home buyers who will pay much closer to asking than usually and investor will.So just watch this property but it might go to a regular buyer before it gets even close to being reduced to your price.Better values are in properties needing a lot of work in good areas that turn off regular home buyers.

The normal down payment was 10%, but there may be closing costs you can pay with credit or barter and the tenant security deposits are transferred to you.I sold an 11-unit (2 quads and triplex) this year with 2.5% down SF to an experienced operator to reduce my tax hit. 

(In my experience, tax preparers are not interested in receipts if they can avoid them...they prefer numbers to put on the forms.)A tax strategist advises ways in which you can reduce your tax burden. 

I may be able to reduce the purchase price slightly, and raise the rent of the smaller unit as that renter wants to move out soon, but the seller already has a list of renters waiting for the unit to become available.

I would also make sure I had a goal to fixing it -- reduce my liability and/or increase rents but not to fix things to perfect because that's the way I like 'em.A structural engineer is overkill depending on the severity.