The home appears to have good bones and just seems to need cosmetic changes, and I will be touring it tomorrow to see for myself.

I also agree, as an agent, I would not feel great really working an agent to the bone for a sub 100K deal unless I was in a position to give them many in a short period of time. 

Its a great "bones" house.

. $15.00 per closetLight fixtures – glass cleaned and bulbs replaced $15.00 per fixture /$1.00 per bulbCeiling fan, blades- clean top & bottom, motor housing dust free $30.00 -$50.00Vacuum – per room (carpet is shampooed by management after move out at no charge) $15.00Carpet- burns, stains, soil as per estimate / replacementBaseboards – dust, wipe off, vacuum per room $15.00 per roomA/C vent cover – vacuum, dust $15.00Windows – Glass, tracks, clean and dust free $20.00 per windowTo remove window pane, slide pane to center of track- grasp each side, gently lift up and pull forward to remove, clean, replace in correct order.Window- Glass replacement $35.00 per windowScreens replacement- $25.00 per window -$40.00 per patio door $25.00- $40.00Mini-blinds replacement $20.00 per windowPatio door – Glass, clean both sides, track vacuumed, wiped clean $35.00Patio blind replacement $50.00 per windowOutdoor patio globe- clean $15.00Sweep off patio and railings $15.00Bathroom exhausts fan/vent cover, clean, dust free $15.00Bathtub, clean tub and tile surround $25.00 – $60.00Bath sink, vanity/countertop, clean $20.00Bath – medicine cabinet, clean inside, mirrors, light guard $20.00 minBathroom floor & wall tile – wash, clean tile $20.00 minTowel bar replacement $18.00 minToilet tissue spindle replacement $5.00Toilet – clean inside bowl and outside $20.00 minToilet seat replacement $20.00Kitchen cabinets – wipe off grease; remove shelf paper, empty out $20.00 minKitchen-sink, countertop, wipe off, clean garbage disposal ring $20.00 minDishwasher – clean, remove any food particles from inside $20.00 minVent hood – wipe off grease, clean filter, clean light guard, top/underside $20.00 minStove/ Oven- wipe off exterior, clean under drip pans, clean oven/racks $25.00 min to $125.00Drip pans – clean (replacement cost is $7.50 each) $30.00 maxBroiler pan replacement $20.00Refrigerator/ Freezer-wash off exterior, top, seals, inside, crispers $20.00 min to $75.00Walls / Woodwork – remove nails, screws $15.00 minWallpaper boarders-removal per room $50.00 minNicotine – stained walls/ woodwork that require cleaning (see below explanation) $25.00 per hour min.The cost to prep the unit for painting requires the walls and woodwork to be washed clean from the smoke odor/ and nicotine stained damage.GaragesGarages should be swept clean and all debris removed.Floors should be clean and free of oil and fluids. $25.00 minABANDONED PROPERTY REMOVAL DISPOSAL CHARGESKitchen table $20.00, Kitchen chairs $10.00 each, Upholstered chairs $20.00 each, Sofa/ Couch $35.00- $50.00, Hide abed $45.00, Mattress $20.00, Box Spring $20.00, Dressers $40.00,shelves, entertainment centers, bookcases, end tables, coffee tables, $15.00 - $50.00 each.Computers, Monitors $15.00 each, Televisions & Stereo Equipment $25.00 - $50.00 per item.

We figure that if we do this right, this could be "passive" income that can support us for life.We saw "Good Bones" on HGTV and Indianapolis piqued our interest.

Three, the advantage of purchasing in Philadelphia is while the housing stock might be old the bones are solid. 

If the language of the law is clear and there is no getting around the 21 day rule then you are already boned so why stress out?

I would use the side of caution and assist in your son's prone potential of making a bone head mistake, thus making it a partnership.

More like a Hyena, they even eat the bones......

From the numbers you've listed, you should have more than enough meat on the bone to cover repairs and vacancy costs.