Seller is a contractor but fell ill so cant finish the job.

Look at Detroit as a case study, it experienced a large population decline and price declines but people still rent houses there, the surplus housing was abandoned, fell into disrepair and is now not fit for habitation. 

@Patricia Steiner, I kind of fell into owning a rental in a weird way.

I know this is usually tried the opposite, but there is a property my wife fell in love with.

After reading it you may want to add or delete whatever you fell comfortable with.

I've gotten discourage a couple of times and fell back, but I'm determined to make this work for me.

Nonetheless, explore what the owner was doing wrong and where expenses fell through.Hopefully if you or whoever decides to proceed you can shop for better PM.

When I bought the single family, this complex actually sold to someone else for $35,000 but the deal fell through and they never tried to sell it again.

Sometimes it’s tough to tell a funding partner that the deal fell through because it failed our due diligence, but I think it also builds a trusting relationship when you tell them that and be fully transparent.

He tried to put me in contact with a potential seller, but that fell through.