I realize it's just an example and my comment is a generalization but just something to be aware of.With regards to the original question, I think it comes down more to what you want to do and what the offer is for walking away vs. rebuilding.That is the exact example a public insurance adjuster used when speaking to a local investor group a few years ago.

If it walks like a duck...well?  

I recommend having a contractor walk through the property before submitting your offer, or you could make your offer contingent on a contractor walkthrough.

I like DealMachine because you can literally drive or walk for dollars on the app in real time and all contacts are skiptraced with pro.But, you also want to make clear why you want to find off-market deals.

This website would include a walk-through video, more photos, information on what to do in the area, shopping recommendations, places to go, and things to see.

I wouldn't take that money to buy him out I'd liquidate and move into better asset class like extended stay development or 3 story walk up apartments 

Your investor agent should be walking properties for you and providing an in-depth breakdown on the location, scope of work, renovation budgets, etc.

It's probably just worth walking away on this one unless you got a really good price.

Selling the PropertyIf your parents decide to sell, they could: Sell As-Is: At a current appraisal of $350k, they could walk away with a sizable profit (after transaction costs like realtor fees, taxes, etc.).

But we got to talking yesterday and I did a walk though showing them what I would do.