I love distressed properties like this because the buyer usually gets (or should get) a huge discount compared to the work needed to bring the property up into a better status.Previous leases run with the property, so if a tenant has a bona-fide lease in place, you have to honor that.

(I)(1) The terms "real estate broker," "real estate salesperson," "foreign real estate dealer," and "foreign real estate salesperson" do not include a person, partnership, association, limited liability company, limited liability partnership, or corporation, or the regular employees thereof, who perform any of the acts or transactions specified or comprehended in division (A) of this section, whether or not for, or with the intention, in expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:(a) With reference to real estate situated in this state owned by such person, partnership, association, limited liability company, limited liability partnership, or corporation, or acquired on its own account in the regular course of, or as an incident to the management of the property and the investment in it;(b) As receiver or trustee in bankruptcy, as guardian, executor, administrator, trustee, assignee, commissioner, or any person doing the things mentioned in this section, under authority or appointment of, or incident to a proceeding in, any court, or as a bona fide public officer, or as executor, trustee, or other bona fide fiduciary under any trust agreement, deed of trust, will, or other instrument that has been executed in good faith creating a like bona fide fiduciary obligation;(c) As a public officer while performing the officer's official duties;(d) As an attorney at law in the performance of the attorney's duties;(e) As a person who engages in the brokering of the sale of business assets, not including the sale, lease, exchange, or assignment of any interest in real estate;(f) As a person who engages in the sale of manufactured homes as defined in division (C)(4) of section 3781.06 of the Revised Code, or of mobile homes as defined in division (O) of section 4501.01 of the Revised Code, provided the sale does not include the negotiation, sale, lease, exchange, or assignment of any interest in real estate;(g) As a person who engages in the sale of commercial real estate pursuant to the requirements of section 4735.022 of the Revised Code.(2) A person, partnership, association, limited liability company, limited liability partnership, or corporation exempt under division (I)(1)(a) of this section shall be limited by the legal interest in the real estate held by that person or entity to performing any of the acts or transactions specified in or comprehended by division (A) of this section.

I'm a newbie at self storage too, but a good friend of mine is a bona fide prodigy at it.I'm sure you'll get some great guidance here, but if you want additional input, connect with me here on BP and I'll gladly make an introduction!

It would also probably be helpful to mention that BiggerPockets' own @Mindy Jensen is a bona fide subject-matter expert on live-in flipping.

To start, your family member would need to use the funds to operate a business where the person is working as a bona fide employee.

I'm a newbie at self-storage, but a good friend of mine is a bona fide prodigy at it.I'm sure you'll get some great guidance here, but if you want additional input, connect with me here on BP and I'll gladly make an introduction!

I have a degree in computer engineering but on the side I decided to pursue my Brokers license, last year finally taking the State exam and practicing as a bona fide Realtor.

Paul, though it will be tough to find a bona fide 2% rule except maybe in the toughest neighborhoods.

Here's an excerpt from the National Association of Real Property Managers summary of the 2009 Act.Effective May 20th, tenants with a “bona fide” lease that was entered into before notice of foreclosure can remain in a foreclosed home until the end of their lease, unless the bank sells the property to someone who intends to make it his/her primary residence.

And again unless as Joe states someone buys it to live in  ( Very RARE) if you have a bona fide lease at market rate.. the new purchaser is bound to the lease..