This is why I like treating each part -- investment and primary residence -- as a distinct purchase even if there's only one closing and one contract. 

Every area will have its own distinction....like NY/Boston/Chicago etc there may be A properties that are 100+ years old and there may also be brand new to market assets.

Now.....having a net worth of $10m+ at any age and never having used leverage is a different story.The term "millionaire" is relative.

@Neil SmithPull a list from the auditor of what you're looking to call, load it into a dialer, call the numbers and ask to speak with the owner (their first name) - Introduce yourself by being personable (Who you are(first and last name - age/background), where you're from(local guy), and get straight to the point - why you want to buy and if they're interested in hearing an offer on their property - it's like a quick handshake over the phone. 

There is a distinction between a builder and a developer.

The U.S. is currently in the midst of the greatest transfer of wealth in HISTORY, as Baby Boomers age-out and relinquish their assets to younger generations.The deals are definitely out there!

This can have distinct advantages.

Your caution makes sense, given the property's age and the listed issues.

That being said being so quick to grab na property at my young age it may not have been the best deal; but I put 0 money down and actually got paid to purchase this property so I guess I didn't do too bad.

When you reach retirement age , you can access the funds.