If selling a property for $72,900 (St.Louis), what should I expect the buyer/seller commission fees to be?

After a year or so they then sell the property and do a 1031 exchange. 

There are risks too, when buying condemned and burned-out houses because you may not be able to control the environment where these properties exist.

My elderly grandfather owned a two-family home in the area, but over the years, the property had fallen into neglect.

I only have 1 property under my belt and am currently house hacking my SFH. 

@Alec Jacobs you have a good process as far as making them fill out a application before touring the property.

I listed 2 properties for sale from my portfolio.

Hopefully, you find it helpful and qualifies us to assist you with your goals:)---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This is mainly used for 5+ unit properties but may be useful for your purpose. https://en.wikipedia.org/wiki/Income_approach

I dont see how the risk would be reduced on second mortgage unless you are planning to hold the property in some type of llc.